Fiscal Credit Union, Glendale, Calif., on Tuesday said its board of directors is pursuing a merger with UNIFY Financial Federal Credit Union, Torrance, Calif.
If the proposed merger receives all approvals, the two parties said Fiscal Credit Union members will join UNIFY, the continuing credit union, with access to 18 branches across Southern California and nearly 50 branches nationwide, a 24/7 telephone contact center, and the latest banking technologies. Fiscal's two branches, in Glendale and Montebello, Calif., will remain open, and all staff will remain with UNIFY.
UNIFY, which currently is transitioning its name from Western Federal Credit Union, has been part of two other recent mergers, with Eagle CU in Lodi, Calif., and San Francisco Municipal Railway Employees FCU.
"This partnership is an important next step in Fiscal's long-term strategic growth and service plan to expand our offerings and enhance the value we provide to members," Stephanie Huber, CEO of $141 million Fiscal Credit Union, said in a statement. "While we are financially strong and growing today, partnering with a well-capitalized credit union that shares our values, vision, and commitment to delivering personalized service we believe will best serve the needs of our members, today and for many years to come."
Gordon Howe, CEO of $2.3 billion UNIFY, said, "This merger is an excellent strategic opportunity for both credit unions. Our combined organization will have greater strength and competitive advantage moving forward. We are excited to serve Fiscal members, and look forward to becoming even more active in the greater Los Angeles communities as we broaden our Southern California network. We have great respect for the entire Fiscal team, and look forward to working with them through the merger process and beyond."
The two CUs said their proposed merger has received regulatory approval. Fiscal added it is in the process of putting the merger to a vote by its members for final approval.
Founded in 1935, Fiscal Credit Union serves the greater Los Angeles area and its more than 14,000 members through two branches located in Glendale and Montebello, Calif. More information can be found at fiscal.org.
UNIFY Financial Federal Credit Union has more than 190,000 members across the country. UNIFY has nearly 50 branches in 13 states, some 500 team members, and regional offices located in Torrance, Calif., Bentonville, Ark., Mesa, Ariz. and Las Vegas.