Kinecta Federal Credit Union and NuVision Federal Credit Union File Merger Application with NCUA

MANHATTAN BEACH, Calif. and HUNTINGTON BEACH, Calif., June 6, 2011 /PRNewswire/ -- Kinecta Federal Credit Union (Kinecta) and NuVision Federal Credit Union (NuVision) announced today that they have filed an application with the National Credit Union Administration to merge the two credit unions.

The Boards of each credit union approved moving to the next phase of the merger process after extensive due diligence confirmed the added benefits a combined organization will bring to their collective members, sponsor companies and communities.  The merger will immediately expand each credit union's branch/ATM network with 51 branches and 112 ATMs primarily throughout Los Angeles and Orange Counties as well as bring members a wider choice of products and services.  Longer term, the economies of scale of a larger organization provide added resources to expand branches, products, member service initiatives and electronic delivery channels.  

The two healthy, well capitalized credit unions are a natural fit as merger partners, with shared Southern California roots in the aerospace industry and complementary branch networks, product/service offerings and membership bases.  Roger Ballard, currently joint CEO of Kinecta and NuVision, will become CEO of the new combined organization, which will retain the Kinecta Federal Credit Union name and charter.  Pending regulatory approval, the merger will be put to NuVision member vote.

"We're excited to take the next step toward bringing two successful organizations together to deliver better service and convenience to our members, sponsor companies, employees and communities," said Darryl Johnson, Chair of the Board of Kinecta.  "Not only will this merger bring members more branches and products, it will build an even stronger foundation for long-term success."

"Submitting our formal merger application moves us closer to creating a stronger, more competitive credit union that will bring our members greater value than either of us can as independent organizations," said Robert Geraci, Chair of the Board of NuVision.  "The due diligence process reinforced our belief in the benefits of this merger, with even more synergies than expected between our goals and organizations."

"Through the due diligence process, we spent a considerable amount of time taking a hard look at how we could merge our two organizations in a way that brings our members greater value and convenience over the long term.  Through this process, it became even more clear how complementary the two organizations are, and how each brings different strengths and capabilities to a combined organization," Ballard commented.  "Both credit unions have continued to make tremendous progress over the last year, and I have no doubt this momentum will continue in the months ahead as we continue through the merger approval process."

About Kinecta Federal Credit Union

Kinecta Federal Credit Union (kinecta.org) is one of the nation's largest credit unions, with approximately $3.5 billion in assets; 24 branches; 48 Nix customer service centers and 12 Kinecta branches at Nix locations; and over 225,000 members nationwide.  Headquartered in Manhattan Beach, Calif., Kinecta was founded as Hughes Aircraft Employees Federal Credit Union in 1940 to serve employees of Hughes Aircraft Company, and now serves employees from Boeing Satellite Systems, Raytheon Systems Company , DirecTV and other select employer groups.  Kinecta offers its members a full range of financial products through the Credit Union and its subsidiaries, Kinecta Financial & Insurance Services, Apollo Agencies, and Kinecta Alternative Financial Solutions, dba Nix Check Cashing.

About NuVision Federal Credit Union

Founded in 1935, NuVision (nuvisionfederal.org) is a full-service credit union serving more than 75,000 members in Los Angeles and Orange Counties, with 15 branches and assets of approximately $1.2 billion.  Headquartered in Huntington Beach, Calif., NuVision was founded to serve employees of Douglas Aircraft Company.  NuVision has evolved to serve aerospace employees (primarily from Boeing), Sempra Energy employees and community members in Southern California.

SOURCE Kinecta Federal Credit Union