Eleven credit union mergers were announced or completed in February with the largest consolidation coming from California, where the $335 million Visterra Credit Union in Moreno Valley will merge into the $757 million Altura Credit Union in Riverside, Calif.
When finalized in July, the merger will result in the 38th billion dollar cooperative in the Golden State.
"Following the major challenges experienced during the Great Recession, some of which still linger, Visterra's board began exploring opportunities and ideas that would ensure Visterra's long-term survival in a changed marketplace," Barbara Purvis, Visterra's board chair, wrote in a letter to members. "A merger with Altura quickly emerged as the best option for maintaining and improving our range of products and the level of member service that you expect and deserve."
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