Livermore, Calif.-based UNCLE Credit Union is continuing its expansion into the Stockton, Calif., market with Wednesday’s announcement of required approvals of its merger with $26.1 million Allied Trades Credit Union.
Members of tiny Allied Trades CU approved the merger into $403 million UNCLE CU, the two parties said. Member approval follows regulatory approvals from the National Credit Union Administration and the California Department of Business Oversight.
UNCLE said it assumed control of Allied Trade CU’s operations on March 31. Full integration of systems is expected to be completed by July 1.
This is the second merger of a Stockton-based credit by UNCLE in approximately three months.
The approved merger petition cited “expanded services” as the reason for the merger. UNCLE previously had expanded its field of membership to make the credit union available to anyone who lives, regularly works, attends school or regularly worships in Alameda, Contra Costa, San Joaquin or Stanislaus Counties, a geographic area totaling 4.1 million people per current U.S. Census estimates.
Allied Trades CU was serving employees and contractors of six Stockton area employers: Dignity Health, Omni Healthcare, Greyhound Lines, Inc., Golden Gate Bridge-Highway and Transportation District, Owens Illinois, Inc., and International Paper. In addition, members of nine local employee unions and the Independent Order of Foresters were served by Allied.
“We are excited by this second merger of a Stockton credit union,” Chung Bothwell, UNCLE’s board chairman, said in a statement. “Members of the former credit unions get improved branch and ATM convenience and instant access to a much wider range of high-value financial services. Of course, UNCLE now can more conveniently serve its current and eligible members in the greater Stockton area.”
UNCLE says it has taken a “focused approach” to the Stockton market.
“We are excited by the opportunity to participate in Stockton’s revitalization” said Harold Roundtree, UNCLE CU’s president and CEO, who is leading his management team through the integration. “Our objective is to provide this community with a package of services that provide the highest value.”
Allied Trades Credit Union was formed in 1953. As of Dec. 31, 2017, it had 1,928 members and $26.1 million in assets, per NCUA 5300 call report records.