WHITTIER, Calif. — Board members of $470 million Visterra Credit Union and $530 million Credit Union of Southern California, who announced their intent to merge last week, have each signed a document stating they don't intend to convert the combined institution to a community bank, and furthermore, they're not even considering it as an option.

"We don't know for sure if it will be legally binding, but we want to make it clear to both parties that we're committed to the credit union philosophy and support of the movement, unless tax laws change," said Dave Gunderson, CEO of Credit Union of Southern California.

Gunderson said there hasn't been any discussion of a potential charter conversion at either credit union, but said both groups want to be clear that on the same page regarding the future of the surviving institution.