The $200 million National 1st Credit Union of Santa Clara, Calif., is merging with the $139 million San Jose Credit Union, the Bay Area institutions announced on Wednesday.
The credit unions said in their announcement that their memberships had given the merger 90% approval in that balloting and that the California Department of Financial Institutions and the NCUA had given it the go ahead.
A new name will be announced in the next few months, the credit unions' statement said, and the full consolidation is expected to take place next April. The merger plans were filed with the state in July.
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"Both credit unions are solid financial institutions and mutually agree our combined resources will make an even stronger financial institution that benefits all members," said Andrea Brewer, president/CEO of San Jose CU, who will continue as CEO of the merged credit unions.
National 1st reported net income of $1.2 million in its Sept. 30 Call Report to the NCUA. San Jose CU reported a net loss of $403,826 in its Sept. 30 Call Report.
Bob DeBarr, board chairman of National 1st CU, said, "Given the upcoming retirement of our long-time president/CEO (Marcia Lillis) and our mission to provide member benefits at lower costs, we've been seeking a merger partnership. We found a perfect partner in San Jose Credit Union, a credit union that shares a similar culture and commitment to its members."
National 1st Credit Union originally formed in 1968 for National Semiconductor employees and said it now has more than 14,000 members. It's open to anyone who lives, works, worships, or goes to school in Santa Clara County, as well as select employee groups.
San Jose CU began serving employees of the city of San Jose in 1932 and said it now has more than 12,500 members. Its membership has expanded to include anyone who lives, works, attends school or worships within San Jose.
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