MORENO VALLEY, Calif. – A proposed merger between Visterra Credit Union and Brea, Calif.-based Credit Union of California is being called off.
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The two credit unions in April had announced plans to peruse a merger that would have created an institution of more than $1 billion in assets and serving 86,000 members. Visterra was to be the surviving credit union. The credit unions indicated the merger would not have delivered the efficiencies they had originally envisioned.
Robert Cameron, president and CEO of Visterra, told the Press-Enterprise, “The farther we got into it, the more we found that we were not going to meet the economy of scale we wanted to reach. That was one of the upfront additions (both firms) wanted to have."
