ALEXANDRIA, Va. (12/7/11)—The National Credit Union Administration said it has approved the merger of Sonepco FCU of Las Vegas into El Monte, Calif.-based SCE FCU.
The merger will give the 42,000-member, $497 million-in-asset SCE FCU entry into the Nevada market. The boards of both credit unions approved the merger earlier this year.
Sonepco FCU held $56 million in assets, and was organized in 1955 to serve employees of Nevada Energy and their families and other members of the local community. SCE was organized in 1952 and serves multiple employee groups, though it has historically served employees of Southern California Edison power company.
The boards of the merging credit unions approved the merger this summer and Sonepco CEO Sue Longson in a statement made at that time called the merger a natural progression since both credit unions have a history of serving employees at energy companies.