SAN JOSE, Calif. – National 1st CU said today it has agreed to acquire San Jose CU, creating a credit union with $340 million in assets.
The $210-million National 1st, chartered in 1968 for National Semiconductor employees, will be the surviving credit union, which will be headed by its current president Andrea Brewer.
San Jose CU, whose CEO is retiring soon, was chartered in 1932 to serve employees of the city San Jose, lost $404,000 in the first nine months and has lost money for six straight years. It serves over 12,500 members and maintains assets of $130 million.
The merger is expected to be completed in April 2013.