Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
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.


RSS





print
News Now LiveWire
20 breakout sessions available at @CUNA's April lending school #creditunions http://t.co/eTK0fVO0RK
15 hours ago
.@CoreLogicInc: Jan. home prices jump nearly 6% annually #Market #NewsNow http://t.co/DoDtHhjvaw
17 hours ago
CU Effect: @StLouisComm collaborates to save homes with FHLB grant #NewsNow http://t.co/fxX8EhouUj
22 hours ago
#NewsNow March 31 deadline for Biz Kid$ fin. ed grant application http://t.co/5AD5ZYPLEU
23 hours ago
.@CUNA sends letters on @RepAndyBarr QM bill, @RepMickMulvaney @NCUA budget transparency bill #NewsNow http://t.co/cRAk46ALeD
1 day ago