NCUA Grants Huge Expansion to Facilitate Underserved Bid

MANHATTAN BEACH, Calif. – NCUA said yesterday it approved its biggest underserved expansion and one of the largest field of membership grants ever to allow Kinecta FCU serve the five million Angelinos surrounding the chain of check cashing outlets it is acquiring. The NCUA grant will facilitate the conversion of the 55 Nix Check Cashing outlets to full-service credit union branches, tripling the $4 billion credit union’s branch network. Kinecta announced yesterday it has completed the $45 million deal, the biggest ever of a credit union acquiring a check cashing operation. Earlier this year, nearby Wescom CU acquired a check cashing operation with eight outlets. “We will now be able to offer the opportunity of becoming a Kinecta Federal Credit Union member/owner to all of the Nix customers who live, work, or worship in the geographic areas around the Nix branches.” said Kinecta President and CEO Simone Lagomarsino. Plans call for the credit union to change name of the check cashing chain to Kinecta Alternative Financial Solutions, which will be run by Tom Nix, owner of the check cashing chain. Kinecta, known until 2004 as Hughes Aircraft Employees FCU, serves more than 1,000 select groups.