MONTEREY PARK, Calif. – E1 Financial CU said its members have approved the merger of the ailing $350 million credit union into nearby NuVision FCU, creating a $1.2 billion credit union.
E1 Financial, which is privately insured by ASI Inc., has reported increasing red ink, with losses of $1.4 million for 2007; $5.7 million for 2008 and $7.2 million for the first six months of 2009. Despite the losses, net worth was strong, 15%, at mid-year.
After the merger, Roger Ballard, the president of Huntington Beach-based NuVision, will be CEO of the credit union and Lynn Bowers, president of E1 Financial, will serve as president.
Completion of the merger is expected in the fourth quarter.
