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Kinecta and NuVision Announce Plans to Merge

NationalMortgageProfessional.com
Jun 06, 2011

Kinecta Federal Credit Union and NuVision Federal Credit Union have announced that they have filed an application with the National Credit Union Administration (NCUA) to merge the two credit unions. The Boards of each credit union approved moving to the next phase of the merger process after extensive due diligence confirmed the added benefits a combined organization will bring to their collective members, sponsor companies and communities. The merger will immediately expand each credit union’s branch/ATM network with 51 branches and 112 ATMs, primarily throughout Los Angeles and Orange Counties, as well as bring members a wider choice of products and services. Longer term, the economies of scale of a larger organization provide added resources to expand branches, products, member service initiatives and electronic delivery channels. “We’re excited to take the next step toward bringing two successful organizations together to deliver better service and convenience to our members, sponsor companies, employees and communities,” said Darryl Johnson, chair of the board of Kinecta Federal Credit Union. “Not only will this merger bring members more branches and products, it will build an even stronger foundation for long-term success.” Roger Ballard, currently joint chief executive officer of Kinecta and NuVision, will become CEO of the new combined organization, which will retain the Kinecta Federal Credit Union name and charter. Pending regulatory approval, the merger will be put to NuVision member vote. “Submitting our formal merger application moves us closer to creating a stronger, more competitive credit union that will bring our members greater value than either of us can as independent organizations,” said Robert Geraci, chair of the board of NuVision Federal Credit Union. “The due diligence process reinforced our belief in the benefits of this merger, with even more synergies than expected between our goals and organizations.”
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