EL SEGUNDO, Calif. — Two more California credit unions have announced merger plans.
The $723 million Xerox Federal Credit Union and $60 million Tiger Federal Credit Union said on Oct. 22 they plan to combine the two financial institutions. TFCU operates branches in California and New York and serves 9,800 members from 68 select employer groups. XFCU operates branches in California, Connecticut, Florida, Illinois, New Jersey, New York and Texas and serves 69,000 members from more than 100 SEGs.
XFCU President/CEO Teresa Freeborn will remain in those roles while TFCU President/CEO Rosemary Helgeson will initially oversee the merger and then join the XFCU management team as a consultant, according to both credit unions.
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"Making a decision to merge wasn't something we took lightly. In fact, it's been under our careful consideration for several years," said Helgeson, who has been with TFCU for 25 years. "We have an obligation to our members, employees and sponsor companies. After a very thorough analysis, all of the information pointed to a merger being in the best interest of all involved."
XFCU was chosen for its "excellent reputation for service to their members and sponsor groups," Helgeson said, adding the credit union's consumer and business product line, insurance and investments, electronic services and many remote delivery options "are going to thrill Tiger members."
After the merger is complete, the combined credit union will operate as Xerox Federal Credit Union. A new national headquarters in El Segundo is under construction and will be completed during the second quarter of 2008.
Freeborn said the merger is the right move since TFCU operates in priority markets for growth and expansion such as California and New York.
"I'm so excited about this partnership. It's just a perfect fit," Freeborn said. "Our credit unions share so many of the same values especially our commitment to being a 'workplace credit union' and focus on our select employer groups."
Over the past few months, several California credit unions have either merged or are planning to merge including Golden Bay FCU with Meriwest CU and Great American CU with Wescom CU.
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