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News Now

CU System
CUs announce trio of mergers in Calif. Conn.
SAN JOSE, Calif. and SHELTON, Conn. (4/11/12)--Three credit union mergers have been announced, two in California and one in Connecticut.

San Jose, Calif.-based Pacific Postal CU, with $188 million in assets, announced Monday it will absorb East Bay Postal CU, an $8.2 million asset credit union based in Oakland, Calif. (Silicon Valley/San Jose Business Journal Online April 9).

Pacific Postal has four branches and 14,600 members. East Bay has one branch and 1,700 members. The merger could be completed by July 1, East Bay CEO Cynthia La Croix told the publication. 

El Camino Hospital FCU, an $8.3 million asset credit union based in Mountain View, Calif., has been approved to merge into Provident, CU, a $1.52 billion asset credit union, based in Redwood City, Calif., according to the California Department of Financial Institutions.   

Mutual Security CU, a $235 million asset credit union in Shelton, Conn., plans to absorb $3.1 million asset, Bridgeport, Conn.-based Connecticut Energy Employees CU--formerly SoConn Gas Employees CU (CEECU) Inc.

CEECU employees are slated to vote on the merger April 23. CEECU has 600 members. Mutual Security CU has 34,405 members.


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