SANTO ROSA, Calif.—Saying they are seeking economies of scale, the $196-million Community First CU and $222-million Mendo Lake CU have announced plans to merge.
The combined credit union will take the Community First name and be based in Santa Rosa, current headquarters for Community First, the Press Democrat reported. Mendo Lake CU is based in Ukiah, Calif., and serves low-income members. That low-income designation will now transfer to the continuing credit union, if NCUA approves the deal.
“Larger size means we can make a bigger difference,” Mendo Lake CEO Richard Cooper, who plans to retire in January after 41 years in the industry, told the publication.
Cooper told the Press Democrat that the merger would mean access to improved technology in mobile banking for his CU’s members and “great new leadership” from Community First CEO Todd Sheffield, who will head the new organization.
The combined institution will “be big enough to take advantage of the latest electronic conveniences for members, but small enough to maintain the personal service our members appreciate,” Sheffield said.
Also in California, the $1-billion Credit Union of Southern California said it has completed its merger with the $48-million Health Associates FCU.
The newly combined organization, which retained the CU SoCal name, has 19 branch locations and serves nearly 90,000 Members.
CU SoCal President/CEO Dave Gunderson remains as president/CEO. HAFCU President/CEO Donn Grizzle serves the combined organization as the vice president of advocacy and strategic initiatives. HAFCU’s branches in Orange, Calif., and Fullerton, Calif., will retain their current staff.
“We are eager to continue serving our Members’ financial needs as part of the CU SoCal team,” stated Grizzle. “This merger created tremendous opportunities for members and employees. With this partnership, we are able to remain committed to the high level of service our membership deserves while simultaneously offering them greater convenience and more innovative products and services.”
Gunderson shared, “We are equally excited about this partnership. CU SoCal and HAFCU both share a commitment to building better lives for members and employees. Together, we bring our members and employees greater value in both the long and short term.”