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News Now

CU System
Kinecta NuVision FCUs to merge
MANHATTAN BEACH, Calif., and HUNTINGTON BEACH, Calif. (6/3/10)--Kinecta FCU and NuVision FCU have announced intentions to merge. NuVision CEO Roger Ballard Monday assumed the role of CEO for the
new organization, which will retain the Kinecta name. The credit union will have 40 branches in Los Angeles and Orange Counties. The plan to merge resulted after Kinecta conducted a CEO search to replace Steve Lumm, who has served as Kinecta’s interim CEO. “The Kinecta board’s CEO search process gave us the opportunity to not only look for new leadership--but also to explore other strategic options that could best serve our members, including potential mergers,” said Mary Yasui-Yamabe, Kinecta board chairman. The board realized that Kinecta and NuVision have a shared history, culture, core sponsor and membership base, she added. NuVision has actively explored new strategies, including mergers, to benefit its members, according to Robert Geraci, NuVision board chair. “When we realized the Kinecta board was conducting a CEO search, we believed the time might be right to discuss a merger opportunity,” he said. The merger is pending completion of due diligence processes and approval by federal regulators and NuVision members. Both credit unions were founded in Southern California to serve aerospace employees. NuVision also serves employees of The Gas Company/Sempra Energy. NuVision FCU, Huntington Beach, has $1.2 billion in assets. Kinecta FCU, Manhattan Beach, has $3.5 billion in assets.


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