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CU System
Merger involves CUs in Calif. Nevada
LAS VEGAS and EL MONTE, Calf. (7/22/11)--Sonepco FCU of Las Vegas will merge into SCE FCU, giving the El Monte, Calif.-based SCE FCU entry into the Nevada market. The proposed merger still must be approved by the National Credit Union Administration and voted on by Sonepco members (Las Vegas Review-Journal July 21). The boards of both credit unions have approved the merger. Dennis Huber, CEO of SCE FCU, will oversee a credit union that includes California branches in Los Angeles, San Bernardino and San Diego counties and Nevada branches in Clark county. The newly formed credit union will have nine board members, 150 employees and a capital ratio of about 8.6%. Sonepco CEO Sue Longson in a statement called the merger a “natural progression” since both credit unions have a history of serving employees at energy companies. Sonepco FCU, with $56 million in assets, was organized in 1955. It serves employees of Nevada Energy and their families and other members of the local community. SCE, with $500 million in assets, was organized in 1952. It serves multiple employee groups though it has historically served employees of Southern California Edison. Under the terms merger, Longson will remain in Las Vegas and assume a senior management position with the new credit union, according to the Journal.


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