BURBANK, Calif. — Partners Federal Credit Union and Vista Federal Credit Union, which serve employees of The Walt Disney Company, are merging.
Recently, the NCUA, Federal Trade Commission and 89% of voting Vista members approved the merged organization, which will be called Partners Federal Credit Union.
"Merging our two strong organizations will result in a more powerful institution better positioned to serve our membership and The Walt Disney Company," said Vista President/CEO John Janclaes. "Our increased size enhances our ability to offer members the highest levels of value, convenience and service, and our combined structure will make consistent the credit union offerings provided to Disney Cast Members working in
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Southern California and Central Florida."
Janclaes will serve as president/CEO of the combined credit union and Penny Tonn, president/CEO of the current Partners FCU, will assume the role of senior vice president/ombudsman.
"The merger between two large-scale, highly complex financial institutions is an enormous undertaking," said Tonn. "However, this merger has many positive factors in its favor, including the healthy status of both credit unions, the guidance of highly informed Boards of Directors and the expertise of an extraordinarily enthusiastic staff."
With an asset base of more than $825 million and approximately 250 staff members, the combined credit union will serve nearly 100,000 members.
November 5, 2007 is the estimated merger effective date.
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