RIVERSIDE, Calif.—Two credit unions here have announced plans to merge into what would create a $1.1-billion institution.
Altura Credit Union and Visterra Credit Union, both based in Riverside County, Calif., have announced plans to complete a merger by July 1. Altura Credit Union will be the surviving name for the combined institution, which would serve 118,000 members primarily in California’s Inland Empire region.
The credit unions said the agreement to merge has been approved by the boards of both credit unions and is now pending approval from state and federal regulators, as well as the members of Visterra Credit Union. Mark Hawins, CEO of Altura CU, will remain as CEO of the combined credit union. Visterra CEO Robert Cameron will retire when the merger is complete.
“Our two Inland Empire-based credit unions have complementary operating philosophies and extensive knowledge of our communities,” said Hawkins in a released statement. “Both organizations successfully faced significant challenges as the local economy bottomed out during the ‘Great Recession.’ It made us realize that by merging our operations we can better leverage our resources. In this way we can more effectively meet our Members’ financial services needs as the local economy picks up speed,” he said.
Altura’s Operations and Technology Center in Riverside, will serve as the merged institution’s headquarters. Members of Visterra’s management team will join Altura’s management team. In addition, all seven members of Visterra’s board will join Altura’s board, the credit unions said.
Currently, Altura Credit Union has $757.3 million in assets and nearly 84,000 members. Visterra Credit Union, headquartered in Moreno Valley, Calif., has $335.6 million in assets and approximately 34,000 members.