North Island Federal Credit UnionFederal Credit Cooperative North Island
CALFANIA Credit Union & North Island Credit Union announce merger approvals
Steve O'Connell, North Island's Chief Execution Officer, will become Chief Operating Officer of the joint organisation at the time of the entry into force of the proposed transaction, and the two credit cooperatives' Board of Directors will form the new organisation's leadership group. Ron McDaniel, California Credit Union Chief Operating Officer, will leave the cooperative planned for 2017.
The Board of Directors and the Supervisory Committee of Credit Union will include all present members of the California Credit Union and the North Island Board. Both the $2. 8 billion agency, which serves 165,000 members with 24 offices across Los Angeles and San Diego County, accepts on the California Credit Union name and charters as the credit ongoing connection.
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. This" M&A" relationship brings together two independent, prosperous credit cooperatives with similar assets, common California origins and complimentary industry networking to add value to their members, staff and fellows.
Bundling these strengths will expand the presence of both credit cooperatives in California, bring measurable effects of scalability and offer long-term prospects for further expansion. North Island's North Island fellowship and products experience also complements California Credit Union's educational perspective and offers new opportunity for expansion in two of the country's biggest marketplaces.
"The California Credit Union has proactively considered partnership to grow and spread its strategy to best service our members and the education world. Both of our management team have been working closely together for several years and we have both recognised that our credit cooperatives are a perfect match in terms of culture, finance, operations and strategy.
It is clear that the economies of scope and know-how of our common organisation will allow us to offer members a much higher long-term value. It also made good business sense because Ron McDaniel had planned to retire this year," said Walton Greene, PsyD, California Credit Union Board Chair.
"Our credit cooperatives' capabilities in terms of our range of banking and educational related activities are complementary and we look forward to extending our full range of educational related goods and solutions to the San Diego area. North Island Credit Union Chairman Gene Pellerin commented: "Our Board of Directors and Executive Team are constantly looking for new ways to improve the benefit for members, better serve the San Diego fellowship and make sure we remain successful in the years to come.
The merger with California Credit Union will immediately extend our geographical footprint and allow both credit cooperatives to realise the significant efficiency gains of a bigger organisation. Through our common Southern California heritage, our common heritage, our common heritage and our dedication to serving our community, we will be able to provide our members with the best possible services, product, pricing and comfort.
Respectful of the California Credit Union Board, management and people, we look forward to leveraging the strength of each organisation to achieve growth and provide an exceptional bank account to all our members. "California Credit Union is a state-insured, state-chartered credit union established in 1933 and serving all California government and non-governmental schools workers, their families, students and other related groupings.
Incorporating more than 88,000 members and assets of $1. 6 billion, Glendale-based California Credit Union has 13 offices in the Los Angeles region. The North Island Credit Union is a member-oriented finance company that celebrates its 75th anniversary in San Diego. Initially established as the San Diego Federal Credit Union Naval Air Station in 1940, North Island now operate under a joint charter and provide a range of facilities to all San Diegans, in particular members of the armed forces and their respective family, public sector workers and their family and business, located in San Diego County.
The North Island provides a full range of retail, corporate and capital markets offerings, which include extensive retail review and lending capabilities, personalised finance management, personalised finance management, corporate finance, and best-in-class on-line and portable finance. North Island is a not-for-profit organisation that gives members back income in the shape of lower interest on loans, higher interest on deposit and lower charges.