California's Eagle and UNIFY to Merge

Two California credit unions, Eagle CU in Lodi and UNIFY Financial CU in Torrance, plan to merge.

The $20 million-asset Eagle said in a press release Monday that the proposed merger received regulatory approval and its members are expected to vote on the plan in June.

As $2.2 billion-asset UNIFY's acquisition unfolds, Eagle members will join UNIFY and Eagle's two branches, in Lodi and Stockton, will remain open. The merger will give Eagle's 2,400 members access to a comprehensive product offering, nationwide branch network, 24/7 telephone contact center, and the latest banking technologies.

Dan Robertson, Eagle's chief executive, said today's financial services markets made it difficult for a credit union of Eagle's size to offer a full range of competitive products, services and technologies to satisfy its members.

"As we considered merger alternatives, UNIFY stood out as the perfect partner through its commitment to personalized local community credit union services supported by a $2 billion nationwide resource network," Robertson said in the release.

UNIFY is currently transitioning its name from Western Federal Credit Union and is also in the midst of acquiring $5.1 million-asset San Francisco Municipal Railway Employees Federal Credit Union, whose members voted to approve the merger last week.

The credit union announced the UNIFY rebranding in March, saying the original name could imply that it is limited to the West Coast or the Western United States, when it now has 50 branches across 13 states.

"Our proposed merger with Eagle Credit Union strengthens our long-time commitment to communities across Northern California, expanding our local branch network in the region," UNIFY CEO Gordon Howe said in the release.