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United SavingsSelf-Help FCUs merger in effect
ANTIOCH, Calif. (6/2/10)--United Savings FCU, Antioch, Calif., is now operating as United Savings FCU, a division of Self-Help FCU, effective yesterday. United Savings and Self-Help have received regulatory and member approval to merge their operations. The partnership aims capitalize on the credit unions’ strengths and expand their capacity to provide financial services to working families in California. United Savings has provided services to local steelworkers and their families since its opening in 1935, according to Bill Waters, United Savings board chairman. “When we decided a merger was the right path for the credit union, we were excited to find that Self-Help Federal’s values, goals and operating philosophy were well-aligned with our own,” Waters said. The merger will help preserve a local institution that provides responsible credit to the Antioch community. Over time, it will result in a broader set of products and services for members, said Mark Ryan, CEO of United Savings FCU. “The combination of Self-Help FCU’s size, financial strength, and commitment to local communities with our long and deep history with the Antioch area will enable us to expand our services and to heighten our impact in the community,” Ryan said. Self-Help FCU was chartered to preserve and expand economic opportunities for families and communities of modest means. It now has 10 branches in the Bay Area and Central Valley. The credit union is based in Durham, N.C. “United Savings’ location, strong management, and tradition of service are a great fit with our vision and existing branch network,” said Steve Zuckerman, managing director of Self-Help’s California operations. “The current and very challenging economic environment is making it increasingly difficult for many smaller financial institutions to thrive.” The merger is the fifth in California for Self-Help FCU. Self-Help FCU has full-service credit union branches in Modesto, Riverbank, East Palo Alto, Porterville, Bakersfield and Lamont under its Community Trust FCU division, a branch in Oakland under its People’s FCU brand, and a Micro Branch in East San Jose. United Savings has $23 million in assets. Self-Help has $180 million in assets.


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