NuVision Federal Credit Union to merge into Kinecta
Kinecta Federal Credit Union of Manhattan Beach and NuVision Federal Credit Union of Huntington Beach have asked formal permission from federal regulators to combine under Kinecta's name and charter.
If approved, the merger would make Kinecta -- already one of the nation's biggest credit unions -- larger still by a third, with $4.7 billion in assets. SchoolsFirst in Santa Ana, with $8 billion in assets, is California’s largest credit union; the world’s largest is Navy Federal Credit Union in Vienna, Va., with $44 billion in assets.
The transaction, expected to close early next year, would merge two institutions originally set up to serve aerospace workers. The credit unions said they had spent a year analyzing the combination and believe it would benefit their members.
Kinecta was founded in 1940 at Hughes Aircraft Co. It has 36 branches, including 12 located in offices of its Nix Check Cashing business. Its $3.5 billion in assets make it L.A. County's largest credit union.
NuVision, founded in 1935 for Douglas Aircraft Co. workers, has 15 branches and $1.2 billion in assets.
Pending approval by the National Credit Union Administration, Roger D. Ballard, joint chief executive of both Kinecta and NuVision, would become CEO of the combined credit union. The deal requires a vote by NuVision members as well as regulatory approval.
-- E. Scott Reckard
[Updated at 5:11 p.m.: For the record: An earlier version of this post implied SchoolsFirst Federal was the largest credit union in the nation. It is the largest in California.]