BURBANK, Calif. — Fee reductions, loan rate improvements, and deposit rate enhancement projections made prior to the merger of Vista Federal Credit Union and Partners Federal Credit Union in November have actually exceeded original estimates.
The merger of the two credit unions created an $825 million credit union with nearly 100,000 members and 250 employees. Partners FCU, which serves The Walt Disney Company, retained its name.
Original projections made prior to the merger identified nearly $3 million in annual givebacks to the combined membership, through a range of fee reductions, loan rate improvements, and deposit rate enhancements, according to Partners. However, revised figures now show that the actual member giveback is projected to be nearly 17% greater than original estimates.
The increased values are one result of the merger, whose success has been attributed by Partners executives to many factors, including "significant pre-merger operational and systems planning and testing." The credit union held a "mock conversion day" where nearly all of the credit union staff simulated a business day as a merged organization with several database conversion tests conducted in October to help ensure system integrity.
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