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Visterra CU SoCal discontinue proposed merger plans
MORENO VALLEY and BREA, Calif. (8/27/08)--Two California based credit unions that had announced a proposed merger in April have discontinued the plans, saying the merger would not meet the economies of scale they had sought. Visterra CU, based in Moreno Valley, and Brea-based Credit Union of Southern California (CU SoCal) told a local newspaper the plans had been discontinued several weeks ago. They did not rule out the possibility of approaching a merger in the future (The Press-Enterprise Aug. 22). Visterra President/CEO Robert Cameron said the economy-of-scale issue was one of the upfront additions the two credit unions wanted. He left open the possibility that the credit unions may revisit the issue in a year or two, but a merger now would not make sense, he told the newspaper. CU SoCal Chief Operating Officer Edward Fox said the original merger goal had been to bring value to its members and employees, but the credit unions "mutually recognized the value to our members wouldn't be as significant or as immediate as when we first entered into the agreement." The credit unions had announced in April that the merger would be completed 45 to 90 days after the initial agreement. The proposed combined credit union would have taken the Visterra name and remained headquartered at Moreno Valley. It would have had more than $1 billion in assets, 86,000 members, 11 branches and 260 employees. Visterra serves Riverside County while CU SoCal serves Orange County, the San Gabriel Valley and nearby cities.


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