Don’t Call It a Recession: Bank Deaths!

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.