Two credit unions plan $4.7 billion merger

June 8th, 2010, 2:06 pm
by Jan Norman, small-business columnist

Two credit unions initially created to serve aerospace employees have signed a letter of intent to merge.

NuVision Federal Credit Union in Huntington Beach, CA. would merge with Kinecta Federal Credit Union in Manhattan Beach, CA. If the merger is completed, the combined credit union would have assets of $4.7 billion and 40 branches through Orange and Los Angeles counties. The resulting credit union would be named Kinecta and NuVision CEO Roger Ballard would head the combined company.

During his tenure at NuVision, Ballard has orchestrated two successful mergers, doubled the credit union’s assets and established successful mortgage lending and business service/loan programs. Ballard will be Kinecta CEO during the due diligence process.

The merger process is just getting underway, said NuVision spokeswoman LJ Tarman. The deal would still require approval by regulators and memberships of each credit union. Completion will probably not come before the first quarter of 2010, she said.

NuVision was founded in 1935 as Douglas Aircraft Douglas Aircraft Company Federal Credit Union. Kinecta was founded in 1940 as the Hughes Aircraft Employees Federal Credit Union. Both still service aerospace employees and their local communities. NuVision also serves employees of The Gas Company/Sempra Energy.

http://jan.freedomblogging.com/2010/06/ ... ger/39283/