SAN DIEGO–Two large California credit unions have announced plans to merge.
The $1.24-billion North Island Financial Credit Union here and the $1.6-billion California Credit Union in Glendale, Calif., said they plan to merge.
In a statement to members, North Island said it was merging with “one very clear and simple goal: To ensure we continue to provide you with an extraordinary banking experience. California Credit Union is a natural fit as a merger partner with shared values and an absolute commitment to providing the best possible member experience in service, pricing and convenience. Partnering with a healthy, established credit union will immediately expand our California footprint, significantly increase operating efficiencies, and put us in a much stronger competitive position…As a larger credit union, we will have the resources to continue to improve your banking experience with the latest online and mobile technologies, new products and services to meet all your financial needs, and highly competitive rates.”
North Island said all 10 of its branches will remain open and will join with the 13 California CU branches in Los Angeles County to create a larger network.
The credit unions said they will combine both their boards of directors and supervisory committees. The merged CU will also operate with dual headquarters.
North Island CEO Steve O’Connell will become CEO of the combined organization, which will have approximately 165,000 members. Prior to becoming CEO at North Island, he was CEO at California CU.