SANTA CLARA, Calif. – In a merger engineered by NCUA, the $700 million KeyPoint Credit Union is merging with the financially troubled West One Federal CU of Livermore effective July 1. “It is fair to say that the NCUA had sought partners for West One and we’re glad that we had a successful bid,” said Juli Ann Callis, executive vice president and chief operating officer of KeyPoint. The $74 million West One, said Callis, is typical of small CUs getting into difficulty as they “struggle to offer a sophisticated line of products and services in a competitive market.” West One, chartered in 1950 as Contra-TelCU serving employees of Pacific Bell, widened its losses to $611,535 in the first quarter of 2006 as compared to a loss of $85,661 for the same period a year ago. Callis said West One had several product divisions but ran into problems as its CUSO sought to sustain a positive revenue stream. Its structure, “simply could not bear the weight,” she said noting also that NCUA had decided recently that “they did not want the losses to continue.” The California Department of Financial Institutions said it received the KeyPoint application to acquire West One on May 22. Linda Robinson, president and CEO of West One who referred queries about the merger to KeyPoint, has acknowledged that her CU had provided services to members “at a fairly high cost.” West One has three East Bay offices and 7,000 members KeyPoint, formerly known as AEA CU and which changed its field of membership in 2004, has 70,000 members in six northern California counties and had net income of $1 million for the first quarter of 2005, up from $848,722 a year ago. Callis said the addition of West One represents a “perfect fit for us in being able to serve an area where we had no branches.” Robinson, who has been West One CEO 11 years and with the CU 21 years, told the East Bay Business Times in an article appearing last week that she would be leaving the CU Sept. 30. She also explained that “we’re a smaller organization” and that the best route to support members is “to find a friendly merger partner who shares the same core values.” A June 8 letter signed by Robinson and Timothy M. Kramer, president and CEO of KeyPoint informed West One members of the merger, assuring them the combined institution will provide “uninterrupted service” and that both organizations “value your credit union relationship.” [email protected]

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