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Mergers of equals' announced by two Southern California credit cooperatives.
The California Credit Union and North Island Credit Union said on Tuesday that their planned deal has been approved by regulators, as well as the consent of the vast majority of members of the North Island CU. The California Credit Union is headquartered in Glendale, California, and has $1.6 billion in funds. North Island has a $1.3 billion corporate charter to service all of San Diego County.
At the time of the transaction, Steve O'Connell, currently Chief Operating Officer of North Island CU, will become Chief Operating Officer of the merged group. The two credit cooperatives' managements will form the new organisation's leadership group. The California Credit Union Chief Operating Officer, Ron McDaniel, will be retiring, a step previously planned for 2017.
The California Credit Union and North Island CU will all be members of the Managing and Advisory Boards of the CU. This $2.8 billion organisation, which will have 165,000 members with 24 offices in Los Angeles and San Diego County, will adopt the name and bylaws of California Credit Union as a rolling credit cooperative.
The Credit Union operation in San Diego County will be the name of North Island, which is considered a department of the California Credit Union.
First North Island Credit Union office opened in North County
The North Island Credit Union recently opened its first local office in Encinitas, increasing its local presence to 11. This new office is located in Camino Village Plaza at 288 N. El Camino Real. Encinitas is the only new office opened this year.
The North Island, which anyone living or working in San Diego can join, amalgamated with Glendale-based California Credit Union this year. Mergers resulted in a credit cooperative with 3 billion dollars in capital and more than 165,000 members. Now, the agency has 24 offices in Los Angeles and San Diego County.
California Credit is the name of the Los Angeles office and the San Diego office will remain the North Island.