RIDGECREST, Calif.–Two California credit unions have announced plans to merge.
The $69-million Desert Valleys FCU and the $11.4-million High Sierra Credit Union in Bishop, Calif., said they are seeking to combine. The two credit unions are approximately 136 miles apart in the state’s high desert. Desert Valleys will be the continuing credit union.
As of March 31, Desert Valleys reported $117,736 in net income, with 8.11% in net worth and approximately 5,100 members High Sierra posted a $63,661 loss and capital of 14.18% as of the same date. HSCU has approximately 514 members.
Services Members are ‘Asking For’
“This merger will bring many new services our members have been asking for,” High Sierra Chairman Tim Shultz said in a statement, citing online banking, mortgages, ATMs and checking accounts as some of the products and services that will become available to HSCU members.
The credit unions said they will retain their branches in Ridgecrest and Bishop.
Shared ‘Core Value’
“It is important to understand that Desert Valleys and High Sierra share the core value of providing a high-touch level of service to its members” Desert Valleys Board Chair Chip Holloway said in a statement. “Our members and their members love our credit unions because we are their small, safe, local credit union. This merger helps bring our resources to High Sierra members while preserving that personal touch.”
A membership vote has been set for Sept. 25 and, if approved, the credit unions plan to combine on Oct. 31.