Wachovia sells branch to Credit Union for $1
This entry was posted on 2/28/2007 5:58 PM and is filed under Credit Unions.
February 28, 2007: During a hearing yesterday organized by The Office of the Comptroller of the Currency, Wachovia announced plans to sell one of the two North Philadelphia branches it closed two months ago to Borinquen Federal Credit Union for $1.
The hearing was set at the request of community activitists in the largely hispanic neighborhood opposed to the Bank's closing of the branch offices.
Borinquen serves the Hispanic community. The former Wachovia branch will be Borinquen's second branch office. Wachovia plans to operate an ATM on the premises.
The activitists expressed concern that the closing of the Wachovia offices would create voids that could be filled by preditory lenders. By Wachovia having delayed the decision to partner with Boriquen, such an possibility became more likely as the Credit Union would need four to six more months to open the branch once they take possession.
