Another Mega-Merger Announced In So. Calif.
BREA, Calif.–CU of Southern California and Visterra CU have announced plans to consolidate, pending approval by state and federal regulators, and members of CU SoCal. The newly combined organization will have more than $1 billion assets, and operate under the Visterra name. Dave Gunderson, CU SoCal’s current CEO, will serve as CEO.
“This partnership is a proactive step to provide more value to members,” said Robert Cameron, Visterra’s current CEO, who will serve as the new president. “It is clear that combining out strengths will bring enormous opportunities to our members and staff both now and in the future.”
Visterra has $470 million in assets, and serves more than 43,000 members. CU SoCal has $530 million in assets, and more than 43,000 members.
Giant CU Office Project Gets Blessing From City
ROCHESTER, N.Y.–The City Council voted to sell a downtown plot to ESL FCU where the $3-billion CU plans to build a six-story headquarters, one of two projects this once-thriving Upstate city hopes will aid a revitalization.
The city sold the credit union three adjacent properties on downtown Clinton Ave. for $2.2 million. The $50--million project will house the credit union’s 300 employees and a new branch and include a 500-car parking garage. The project is scheduled for completion in 2010.
ESL is the second major employer to announce plans for downtown, joining local telecommunications provider PAETEC, which will build its worldwide headquarters here.
ESL was chartered in 1920 as Eastman Savings and Loan Association by George Eastman, founder of Eastman Kodak Company and in 1996 it became one of the few S&Ls to successfully convert to a CU.
