SAN JOSE, Calif., Oct. 31, 2012 /PRNewswire/ -- National 1st CU and San Jose CU announced today the organizations will combine resources and expand member convenience through a partnership merger. The Department of Financial Institutions of California (DFI) and National Credit Union Administration (NCUA) have both approved the merger initiative, and the San Jose Credit Union membership recently voted for the merger with 90% of votes cast in favor. The Credit Unions will now begin the process of merging their organizations.
"We are excited to partner with a credit union that shares our philosophy of people helping people, and provide members expanded access, products, and services," said Andrea Brewer, President/CEO of San Jose Credit Union. "The amount of approving votes indicates members also look forward to the additional benefits."
Discussions related to the merger have occurred for some time, according to Bob DeBarr, Board of Directors Chairman, National 1st Credit Union. "Given the upcoming retirement of our long-time President/CEO and our mission to provide member benefits at lower costs, we've been seeking a merger partnership," said DeBarr. "We found a perfect partner in San Jose Credit Union, a credit union that shares a similar culture and commitment to its members."
San Jose CU, with assets of $130 million, will merge into National 1st CU, with over $210 million in assets. Brewer will assume the position of President/CEO of the continuing credit union, and the organization will announce a new credit union name in the next few months.
"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 Brewer.
Each credit union gains additional branches, increased online access, and extended hours for their members, as well as combined back office processes and operations. The expected timeframe for members to have full access to joint credit union services is April, 2013.
About National 1st Credit Union
National 1st Credit Union originally formed in 1968 for National Semiconductor employees. The credit union now serves over 14,000 members and maintains assets of $210 million. The Credit Union is open to anyone who lives, works, worships, or goes to school in Santa Clara County, as well as select employee groups. National 1st is dedicated to its membership and maintains a community-oriented culture, an individual focus, and premier financial services. More information can be obtained at www.national1st.org
About San Jose Credit Union
San Jose Credit Union began serving employees of the City of San Jose in 1932. Today, San Jose Credit Union serves over 12,500 members and maintains assets of $130 million. In addition to active and retired City employees as well as elected and appointed City officials, the Credit Union is open to anyone who lives, works, attends school, or worships within the City of San Jose. The Credit Union serves its members with personalized service, online access, and competitive financial products. More information can be obtained at http://www.sjcu.org/
Marketing Manager, San Jose Credit Union
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SOURCE San Jose Credit Union