Despite shift away from mortgage refis mid-year, NuVision achieved 97% of its member savings goal with "Switch and Save" initiative.
The merger will leave NuVision with 14 branches, $1.3 billion in assets and 87,000 members throughout Los Angeles and Orange counties.
The $3.1 billion Kinecta Federal Credit Union and the $1.1 billion NuVision CU on Thursday called off what would have been the nation’s second-largest merger of credit unions.
California’s $3.1 billion Kinecta Federal Credit Union, party to a delayed mega-merger with the $1.1 billion NuVision CU, is in recovery mode this month, tending to a battered mortgage portfolio.
The nation’s second largest mega-merger, that of the $4.7 billion California pairing of Kinecta FCU and NuVision FCU, moved a step closer this month with a formal application filed with the NCUA.
Consolidation of Southern California CUs would be the second mega-merger on West Coast in past year.
The boards of the $3.5 billion Kinecta FCU and $1.2 billion NuVision FCU have announced their intent to merge.