RENO, Nev. (2/24/12)--Two northern Nevada-based credit unions, Great Basin FCU in Reno and Sparks (Nev.) City Employees FCU, have announced plans to merge.
The boards of directors for both organizations have approved the merger and will seek approval from the National Credit Union Administration (NCUA). Subsequent to NCUA authorization, Sparks City Employees FCU members will vote on the merger. Great Basin would be the continuing credit union.
The combining of the two credit unions will result in a financial cooperative serving more than 16,400 members in the Reno-Sparks metropolitan area and surrounding Washoe County. It will have assets exceeding $116 million.
The three employees of Sparks City EFCU will continue employment with Great Basin. The credit unions share similar values that emphasize focusing on local relationships. Those values were key factors in both credit unions' decisions.
Sparks City Employees FCU was established in 1958, and has $13.3 million in assets, more than 1,900 members, and one branch. Great Basin FCU was established in 1951, and has more than $100 million in assets, more than 14,500 members and three branches.
Great Basin FCU serves Washoe County.