The $1.2 billion, 79,900-member NuVision Federal Credit Union in Huntington Beach, Calif., will be merging the $97 million, 9,000-member Pacific Resource Credit Union in Los Angeles.
The consolidation has received approval from regulators and the membership of Pacific Resource and will take effect July 1, the credit unions announced Thursday.
“With strong balance sheets, full-service product offerings and established member bases, the merger joins two successful credit unions to create a new organization that will be well positioned to grow and increase member value over the long term,” their joint statement said.
The merger will leave NuVision with 14 branches, $1.3 billion in assets and 87,000 members throughout Los Angeles and Orange counties.
NuVision’s CEO Roger Ballard will remain CEO while Pacific Resource CEO James McHale will become NuVision’s chief risk officer, the credit unions said.
NuVision was founded in 1935 to serve employees of Douglas Aircraft Co. while Pacific Resource was founded in 1936 as Rio Grande General Office Employees FCU.
A planned merger between NuVision and the $3.1 billion Kinecta FCU was called off in 2012.
As for combining the databases, NuVision runs on a Fiserv DataSafe platform while Pacific Resource is a Harland Finacial Services' UltraData client, according to the Technology Survey from Callahan & Associates.