Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Kinecta NuVision FCUs to merge
MANHATTAN BEACH, Calif., and HUNTINGTON BEACH, Calif. (6/3/10)--Kinecta FCU and NuVision FCU have announced intentions to merge. NuVision CEO Roger Ballard Monday assumed the role of CEO for the
new organization, which will retain the Kinecta name. The credit union will have 40 branches in Los Angeles and Orange Counties. The plan to merge resulted after Kinecta conducted a CEO search to replace Steve Lumm, who has served as Kinecta’s interim CEO. “The Kinecta board’s CEO search process gave us the opportunity to not only look for new leadership--but also to explore other strategic options that could best serve our members, including potential mergers,” said Mary Yasui-Yamabe, Kinecta board chairman. The board realized that Kinecta and NuVision have a shared history, culture, core sponsor and membership base, she added. NuVision has actively explored new strategies, including mergers, to benefit its members, according to Robert Geraci, NuVision board chair. “When we realized the Kinecta board was conducting a CEO search, we believed the time might be right to discuss a merger opportunity,” he said. The merger is pending completion of due diligence processes and approval by federal regulators and NuVision members. Both credit unions were founded in Southern California to serve aerospace employees. NuVision also serves employees of The Gas Company/Sempra Energy. NuVision FCU, Huntington Beach, has $1.2 billion in assets. Kinecta FCU, Manhattan Beach, has $3.5 billion in assets.


RSS print
News Now LiveWire
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
53 minutes ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
54 minutes ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
1 hours ago
.@TheNCUA says its employees report high job satisfaction in the 2014 Federal Employee Viewpoint Survey. http://t.co/1nLUwrEqnA
2 hours ago
.@MeridianTrustCU has opened the first mobile banking branch in the state of Wyoming
3 hours ago