Two California Foundations Consider Merger

The Community Foundation Silicon Valley and the Peninsula Community Foundation, both of California, have announced that they are considering a merger to create a combined endowment of $1.36-billion, reports the Associated Press.

The merger would make the group one of the wealthiest community foundations in the nation, behind only the New York Community Trust, with assets of $1.8-billion, and the Cleveland Foundation, with $1.6-billion.

Both groups said the deal would help expand their programs and donor lists and also help local charities attract more money.