Wednesday, July 2, 2008

Don't Call It a Recession: Bank Deaths!

By Chris Thompson
Wed, Jul 2, 2008 at 8:26 AM

Hey, the housing bust has just killed its second local financial institution! According to the East Bay Business Times, the Pleasanton-based Sterlent Credit Union will be liquidated after a run of losses. Of the $82 million in loans Sterlent had on its balance sheet, $57 million was in mortgage or other real estate debt. It's not yet clear who will gobble up Sterlent's assets. This marks the end of a 72-year run for the financial insitution.

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