The fundraising campaign of the deeply troubled Mission SF FCUof San Francisco to avoid a collapse or merger picked up again lastweek with new appeals by CU management to meet a new $200,000capital goal by March 15.

The $6.7 million community development CU said so far it hasraised $40,000 toward its capital target and that the NCUA hasgiven it several waivers to continue the effort to stave off amerger or liquidation.

Leaders of the embattled CU said it may still choose a merger assuggested by the NCUA if it is unable to meet the initial $100,000goal set for Feb. 15 followed by an additional $100,000 needed byMarch 15.

Margaret Libby, a director of Mission and head of a CU-managedfinancial services agency, said her CU, which serves a low-incomeLatino member base suffering because of the sluggish economy, saidthe NCUA “has already extended deadlines for us and we are gratefulfor that.”

Mission began soliciting donations from industry groups inDecember with several large CUs contributing increments as high as$8,500. However, the Mission venture has also come in for criticismfrom some California CEOs charging that a CU with ill-foundedlending policies should not be rewarded.

In a press release issued Jan. 24 by the California and NevadaCredit Union Leagues, Mission acknowledged it is appealing for helpto avoid a merger and that it is one of two independent CDCUsremaining in California serving a predominately Latinocommunity.

In forestalling a merger, Mission SF said it seeks “to offer thevital and unique services it has provided to its members and thecommunity for over 40 years.”

Libby said the $40,000 raised to date comes from about a dozenboth large and small CUs with some contributions in the $500 range.Any contributions raised now can be added to a $20,000 requestsubmitted by Mission to the NCUA for secondary capital, which canbe advanced to the initial $100,000 goal for Feb.15, she said.

The release quoting the CU chairman, Leslie Chard, noted alsothat Mission “has a critical role to play in the Mission District'srecovery from the hardest and longest economic downturn in ourlifetimes.”

Through loans, financial counseling, youth services, microloansfor business, personal loans and auto loans, Chard said the CU“offers a menu of services that can help bring new hope andopportunities for prosperity and cooperation,” adding that the CU“needs an angel, someone who believes in what we are doing.”