Huntington Beach & Los Angeles, CA—May 30, 2013—NuVision Federal Credit Union (NuVision) and Pacific Resource Credit Union (Pacific Resource) announced today that their merger has received regulatory approval, as well as approval by a majority vote of the Pacific Resource membership. The merger will be effective July 1, 2013.
This merger between two well capitalized, growing organizations will create a $1.3 billion credit union with 14 branches serving 87,000 members primarily throughout Los Angeles and Orange Counties. With strong balance sheets, full-service product offerings and established member bases, the merger joins two successful credit unions to create a new organization that will be well positioned to grow and increase member value over the long term.
The new credit union will operate under the NuVision Federal Credit Union name and federal charter, with combined leadership, employees and volunteers. NuVision’s CEO Roger Ballard will remain CEO of the continuing credit union; Pacific Resource CEO James McHale will join NuVision’s Executive Leadership Team as Chief Risk Officer. Employees from both credit unions will make up the team of the new organization.
“Both credit unions are committed to continually look for new ways to bring greater value to our members. In planning for the future, we both realized that a combined organization would bring greater strength and competitive advantages moving forward than each credit union would have on its own. The new organization will combine the vision, people, branches and capabilities of two successful credit unions, benefiting our members, communities and employees for the long term. The Boards of both credit unions unanimously approved the merger and we couldn’t be more excited about our shared future,” Ballard said.
McHale noted, “The merger will bring the best of both institutions to our combined memberships and the communities we serve. Not only will this merger bring immediate benefits to our collective members and communities through added proprietary branches and ATMs, it also puts us in an excellent position to enhance our member offering in every way. Looking ahead, we’ll have the added resources to offer even greater levels of member service, continue our competitive rates, develop new products and services, explore new technologies and continue our community support programs. A merger also made sense from a cultural perspective. Both credit unions share similar values, and a cultural commitment to member service has long been a strategic differentiator for each of us.”
About NuVision Federal Credit Union
NuVision Federal Credit Union is a full-service financial institution with 14 branches located in Los Angeles and Orange Counties and Arizona and assets of approximately $1.3 billion. Headquartered in Huntington Beach, Calif., NuVision was founded in 1935 to serve employees of Douglas Aircraft Company. It continues to serve aerospace employees from Boeing, employees of Sempra Energy/The Gas Company, and employees of Tesoro with a total of more than 87,000 members primarily in Los Angeles and Orange Counties. For more information, visit www.nuvisionfederal.org.
About Pacific Resource Credit Union
Founded in 1936, Pacific Resource (www.prcu.org) is a state-chartered, federally insured full-service credit union serving 9,000 members with assets of almost $100 million. Founded as Rio Grande General Office Employees Federal Credit Union, the credit union grew to serve employees and family members of what eventually became Atlantic Richfield (ARCO) and later British Petroleum (BP). Since that time, the credit union evolved into Pacific Resource Credit Union serving the Metro Los Angeles, Carson, Cerritos, Cypress, La Palma, Lakewood and Torrance communities, the Central City Police Boosters and select employer groups. The credit union has two branch locations, one in downtown Los Angeles and one in Carson with 24 employees.