On behalf of the Board of Directors of NuVision Federal Credit Union, I’m pleased to share exciting news with you. As part of our goal to continually expand the value we bring our members, NuVision and Pacific Resource Credit Union are pursuing a merger partnership to create a $1.3 billion credit union serving 87,000 members throughout Los Angeles and Orange Counties.
Pacific Resource is a natural merger partner for us, with a complementary culture, membership base and branch network. Both credit unions are well capitalized, healthy organizations offering a full portfolio of financial products and services. We also share a common commitment to providing excellent personalized service.
A merger between our two credit unions brings our collective members greater value and convenience. All of our branches will remain open and we will add a new branch and ATM in Carson, which complements our current network and is an area where our members have been asking for a branch. We will also now have 27 proprietary ATMs (13 public access; 14 limited access) available to our members in the San Gabriel Valley, downtown Los Angeles, Carson and Orange County.
Exploring cooperative mergers is part of our ongoing strategy to find new ways to enhance our long-term value to members. Looking ahead, the combined deposit and capital base that will result from this partnership will give us added resources to offer even greater levels of member service, develop new products and services, and explore greater access to new technologies.
I remain as CEO for the combined organization, which will retain the NuVision name and federal charter. Pacific Resource CEO James McHale will remain with the organization as a member of the Executive team. Our goal is to retain all employees in the combined credit union.
We are currently waiting for approval from our regulators, after which Pacific Resource members will vote on the merger. Assuming approvals are received, we hope to have the merger finalized by mid-2013.
We look forward to sharing more news in the months ahead about this exciting opportunity that brings you even greater value and convenience from your credit union membership. As always, thank you for your continued support of your credit union.