RENO, Nev.–Members of a Nevada Credit Union have voted in favor of a merger.
The membership of the $33-million Reno City Employees FCU voted in favor of merging into the $281-million Great Basin FCU. The credit union said in a statement that they share similar ideologies and have been serving the Reno area for the better part of 70 years.
Reno City Employees closed 2023 with $182,056 in net income, and capital of 9.95%. Great Basin ended the year with $3.28 million in net income to go with capital of 10.28%.
‘Remaining Relevant’
“As a small credit union, we’re incredibly proud of our history and roots, but we also know how important providing a wide range of modern products and services is to our current and future members. This partnership will allow us to offer that and remain relevant” Reno City Employees CEO Valerie Johnston said in a statement.
The credit unions said RCEFCU’s approximately 1,800 members will have access to Great Basin’s three brick-and-mortar locations across Washoe County, expanded hours of operation, improved digital banking, credit monitoring, free financial education, new loan and saving opportunities, and financial coaching, among additional benefits.
‘Trust & Confidence’
“The favorable member vote reaffirms the trust and confidence that leadership and membership of Reno City Employees FCU has placed in Great Basin, and that’s not something we take lightly,” said GBFCU CEO Jennifer Denoo. “The membership of Reno City EFCU is loyal, and they value their relationships. Great Basin FCU certainly understands that, and we are ready to carry on the legacy of trust and personal service. Our vision is to be member loved, so it is something we are passionate about. Members will have questions throughout this process, and we are committed to being transparent every step of the way.”
The CUs added operations will continue at the Reno City Employees FCU sole branch location until August 16th, 2024. Following that date, the current Reno City Employees FCU employees will join the Great Basin staff. The merger is estimated to be finalized in August of 2024.
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