LOS ANGELES — The boards of the $356 million First City Credit Union and the $430 million SCE Federal Credit Union have signed letters of intent to merge the two institutions. Dennis Huber, CEO of SCE, will head the surviving First City, which will have more than $785 million in assets.
First City has been without a permanent CEO since Steve Punch left in October for $1 billion Pacific Service Credit Union. Longtime CUNA Western Management School Dean James Likens chairs First City's board of directors.
"I knew they'd always had mergers and acquisitions as part of their strategic plan, and whenever a CEO vacancy occurs, it opens up an opportunity for a merger," Huber said.
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