PITTSBURGH–Mergers among credit unions in Pennsylvania and California have been announced.
In the Keystone State, the $117-million Riverset Credit Union is merging into the $151-million Allegent Community FCU. The combination of the two CUs has expanded Allegent FCU’s footprint in Pittsburgh.
"We are a responsible member-driven community service organization and an integral part of the credit union industry, with deep, financially-sound, responsible roots,” said Allegent FCU CEO Angelo Lucatorto. “The acquisition of Riverset Credit Union allows us to further our reach in the community and expand all offerings, while increasing our capital, financial strength, and long-term sustainability.”
The combined credit union has more than 24,000 members.
California Merger
Meanwhile, in California, Cal Poly FCU said it has received regulatory approval to merge into SchoolsFirst FCU in Santa Ana, Calif. The merger proposal now goes before members for a vote.
“We believe this merger will significantly benefit our members,” Cal Poly FCU said on its website. “SchoolsFirst FCU has a long history of serving the education community and is the largest education-based credit union in the nation.”
CPFCU said benefits of the merger include access to more than 65 branches, Saturday banking hours, a member contact center, lower fees, better savings rates and expanded mortgage loans.
A virtual special meeting is set for March 23.
The $23.7-billion SchoolsFirst FCU has more than 1.14 million members. The $18-millioon Cal Poly has approximately 2,600 members.