Alaska's Denali FCU to merge into Orange County-based Nuvision
Members of Denali Federal Credit Union in Anchorage, Alaska, approved a proposed merger into Nuvision Credit Union in Huntington Beach, Calif.
The merger will create a $2.2 billion-asset CU with 31 branches in five Western states serving more than 160,000 members. The merger will be effective Oct. 1, with systems integration expected to begin in the first quarter, the CUs said on Monday.
Nuvision Credit Union has more than $1.6 billion in assets. It serves more than 90,000 members with 16 offices in Los Angeles and Orange counties in California, Arizona and Wyoming. Nuvision was chartered in 1935 as Douglas Aircraft Company Federal Credit Union. Today it serves employees from Boeing Co., Sempra Energy, Southern California Gas Co. and Tesoro. Membership is open to workers in all professions.
Denali Federal Credit Union is the third-largest credit union in Alaska, with more than 78,000 members and more than $650 million in assets. Denali has 14 branches throughout Alaska and one branch in Kent, Wash. It was formed in 1948 as City of Anchorage Employees FCU.
Denali will retain its brand in Alaska and Washington and will operate as a division of Nuvision.
Roger Ballard, currently Nuvision CU’s CEO, will serve as CEO of the combined organization, while Denali CEO Bob Teachworth will lead Denali branch operations in the Pacific Northwest.
“This is a major step for Denali as we continue to grow and serve our members,” Teachworth said in a press release. “This allows us to maintain a strong local presence for our Alaska and Washington members and build the financial strength of a western region credit union. The Denali board, when we first initiated merger discussions, looked for a credit union that shared our member service philosophy, and Nuvision stood out as a great partner.”
Three current directors at Denali will join a 13-member board at the combined CU. The National Credit Union Administration previously approved the deal.