Merger In Due Diligence
MANHATTAN BEACH, Calif.-The proposed merger of Kinecta FCU and NuVision FCU remains in the due diligence phase as 2010 comes to a close.
The two CUs signed a letter of intent to merge in June and, according to a spokeswoman for Kinecta, signed a supplemental merger agreement in October. "Upon completion of due diligence, which is expected by year end, the organizations will move forward to submit a request to NCUA for regulatory approval to merge," said Molly Egan, communications officer. "The merged organization will maintain Kinecta's charter and will be headquartered in Manhattan Beach, California."
"This merger presents an opportunity to create added convenience to our members through more branch offices, more proprietary ATMs and an enhanced electronic service channel," said Roger Ballard, CEO of both Kinecta and NuVision credit unions. "We look forward to delivering a higher level of value and satisfaction to our combined membership with an expanded selection of products and services."