MARTINEZ, Calif.–Members of Cooperative Center Credit Union have voted in favor of merging into Nuvision Credit Union, which is based 400 miles south in Huntington Beach, Calif.
With all approvals received, the merger will be effective June 1, 2024.
The $128-million Cooperative Center CU posted a $607,936 loss for 2023, with capital at 6.14%. It has approximately 8,000 members. The $3.3-billion Nuvision CU had $24.6 million in net income and capital of 10.76% as of year-end. It has more than 161,000 members.
Nuvision CEO Roger Ballard will be CEO of the continuing credit union, while Cooperative CEO Fadhila Holman will remain with the combined credit union focused on Northern California operations, the credit unions said.
‘Great Respect’
“We have great respect for Cooperative’s long cooperative legacy of providing outstanding service to its members and investing in its communities. Through joining forces, we look forward to bringing greater value to our collective members and communities,” Ballard said. “As a larger organization with an extended geographic footprint, we will be in an even better position to grow and serve all our members. And, through this partnership, we can add significant value to Cooperative members, which is an important aspect of our cooperative mission. We couldn’t be more excited about our shared future.”
Both Cooperative Center and Nuvision area CDFIs.
Nuvision said it extended its geographic footprint into Northern California with two additional branches and an established member base, and will offer CCCU members expanded product offerings.
‘The Best of Both’
“The merger will bring the best of both institutions to our combined membership and the communities we serve,” said Holman. “Not only will it bring immediate benefits to our members and communities with expanded services, we’ll also be in an excellent position to continue to enhance our member offering and community support initiatives in every way. A merger also made sense from a cultural perspective as both credit unions share a cultural commitment to member service that has long been a strategic differentiator for each of us.”
Cooperative Center FCU was originally chartered in 1942 to serve employees and members of the Consumers Cooperative of Berkeley, Inc.
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