The $349 million CBC Federal Credit Union of Oxnard, Calif. announced this week it is merging the struggling $11 million Civic Arts Plaza CU of nearby Thousand Oaks and expects to effect the transaction by Dec. 1.
"In a time of increased consolidations and acquisitions, we are pleased to find a local partner to help expand our reach in Ventura County," said Ray Ewin, president/CEO of CBC.
It is the first merger for CBC in more than a decade and "is a natural fit" considering both CUs use the same operating system, Symitar, said Kelly Baker, vice president of business development.
Like a number of southern California CUs, Civic Arts had experienced the high cost of the assessments, mounting delinquencies and compliance concerns, said Baker.
Civic Arts, founded in 1953 and serving SEGs with one office, had a $300,000 loss last year with 5.46% net worth in July.
The merger has received NCUA approval, said CBC and won a favorable vote of Civic Arts members on Wednesday. The consolidated CU will be serving 21,000 members. CBC said as a result of the merger Civic Arts members will be receive "more extensive products and services, like online banking and more free ATM access."
CBC, formed in 1952 for the Naval Construction Battalion Center and the Navy Seabees facility in Port Hueneme, expanded its membership eligibility in 1999 to include all of Ventura County.