UNCLE Credit Union of Livermore, Calif., announced that it assumed control of the operations of Stockton Community Federal Credit Union of Stockton, Calif., as of Jan. 1, making it the first merger by UNCLE CU is more than two decades.
Full systems integration of the two institutions is scheduled for completion by April 1.
Prior to the merger, UNCLE CU had 23,260 members and $394 million in assets, while Stockton Community FCU had 643 members and $5.9 million in assets.
Stockton Community FCU served residents of the city and unincorporated areas of the Stockton Census County Division as well as those who participate in poverty alleviation programs in the greater Stockton area.
UNCLE CU was originally formed to serve the employees of the University of California Radiation Laboratory at Livermore, Cal. (which is now known as the Lawrence Livermore National Laboratory). UNCLE CU then expanded its field of membership to include anyone who lives, works, attends school, or worships in Alameda, Contra Costa, San Joaquin, or Stanislaus Counties (a geographic area totaling some 4.1 million people).
Cindy Hodson, the former president and CEO of Stockton Community FCU, will continue as the financial center manager of UNCLE CU’s new office in Stockton. “I am thrilled to be able to offer a much wider range of financial services to members. I know my Stockton members will be very happy with the additional services,” she said.
“This is a natural fit for both organizations and a ‘win-win’ example of the merger process” said Chung Bothwell, UNCLE’s board chairman, in a statement. “Stockton Community CU members get instant access to a much wider range of high value financial services and UNCLE can now more conveniently serve its eligible members in the greater Stockton area.”
Harold Roundtree, UNCLE CU’s president and CEO, who is leading his management team through the integration, said “We see this as a great opportunity. Our objective is to make this a seamless process for our combined membership and employees.”
UNCLE CU posted net income of about $1.56 million in 2016, down from about $1.8 million in the prior year.
Stockton Community FCU recorded net losses of about $57,000 and $25,000 in 2016 and 2015, respectively.
