Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Merger involves CUs in Calif. Nevada
LAS VEGAS and EL MONTE, Calf. (7/22/11)--Sonepco FCU of Las Vegas will merge into SCE FCU, giving the El Monte, Calif.-based SCE FCU entry into the Nevada market. The proposed merger still must be approved by the National Credit Union Administration and voted on by Sonepco members (Las Vegas Review-Journal July 21). The boards of both credit unions have approved the merger. Dennis Huber, CEO of SCE FCU, will oversee a credit union that includes California branches in Los Angeles, San Bernardino and San Diego counties and Nevada branches in Clark county. The newly formed credit union will have nine board members, 150 employees and a capital ratio of about 8.6%. Sonepco CEO Sue Longson in a statement called the merger a “natural progression” since both credit unions have a history of serving employees at energy companies. Sonepco FCU, with $56 million in assets, was organized in 1955. It serves employees of Nevada Energy and their families and other members of the local community. SCE, with $500 million in assets, was organized in 1952. It serves multiple employee groups though it has historically served employees of Southern California Edison. Under the terms merger, Longson will remain in Las Vegas and assume a senior management position with the new credit union, according to the Journal.


RSS





print
News Now LiveWire
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
10 hours ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
10 hours ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
13 hours ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
14 hours ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
15 hours ago