Two education-focused California credit unions to merge

Chabot Federal Credit Union and University Credit Union, two organizations that serve universities and their surrounding communities, are merging.

Chabot Federal, of Dublin, California, has $74 million of assets. University Credit Union, which has $920 million of assets, was founded on the University of California, Los Angeles campus and is headquartered in the city.

“We hope to combine our resources with a credit union that mirrors our long history of helping people achieve their financial goals,” Christine Petro, Chabot Federal's CEO, said in a press release Friday. “This proposed merger will allow us to maximize our efficiencies, enabling us to enhance products and delivery channels to our members, while retaining our entire team, our programs and services, and our existing location.”

Members of Chabot Federal have until Sept. 14 to vote on the deal, which is expected to close in the fourth quarter.

Bloomberg

“We are proud and excited to have CFCU join us in this marquis partnership,” Dr. David Tuyo II, CEO of University Credit Union, said in the release. “The combined entity will enable our team to provide more accessibility to a suite of comprehensive financial services for all members, as we unite to ensure that university and college communities are fully supported in all areas of financial concern.”