SCE FCU & SONEPCO FCU Formalize Merger Plans
Jul 19, 2011 | News & Press
$560 Million Alliance Will Provide Nearly 50,000 Members with 10 Branches in Southern California & Nevada by End of 2011
FOR IMMEDIATE RELEASE
Contact: PCGCampbell Kyle Reuter (310) 224-4957
IRWINDALE, Calif. (July 19, 2011) – SCE Federal Credit Union (SCE FCU headquartered in Irwindale, Calif.) and SONEPCO Federal Credit Union (SONEPCO headquartered in Las Vegas, Nevada) have signed a letter of intent to create a $560 million, two-state SCE FCU organization that serves nearly 50,000 members. The merger plans are being presented to the NCUA for approval and SONEPCO members will also vote on the matter.
SCE FCU CEO Dennis Huber will oversee the new partnership that includes California and Nevada branches in Los Angeles, San Bernardino, San Diego and Clark counties. Additionally, Sue Longson, SONEPCO FCU’s CEO, will assume a Senior Management position based in Las Vegas. The newly formed credit union will have nine board members, 150 employees and a capital ratio of approximately 8.6 percent.
“The current plans to merge with SONEPCO will benefit each organization, most notably providing all members with an expanded branch network when they travel between Southern California and Nevada,” says Huber. “This merger positions us for additional growth opportunities in the future.”
Members from SCE FCU and SONEPCO board of directors have approved the merger, which will combine SONEPCO’s assets and liabilities with SCE FCU. SONEPCO members will become members of SCE FCU.
“Joining SCE FCU is a natural progression for us,” says Longson. “We share a common history of serving employees at energy companies. Our members, staff and board gain an advantage from partnering with a larger financial service provider (SCE FCU), which is focused on the community and continues to provide its current members with superior products and services.”
ABOUT SCE FCU
SCE Federal Credit Union was founded in 1952 and currently has more than 42,000 members, $500 million in assets, several Southern California branch locations, thousands of shared branch locations across the United States and more than 28,000 surcharge-free ATMs available to members. SCE FCU serves all of Southern California, with membership open to individuals and businesses, and is a not-for-profit entity committed to improving the financial well-being of the communities it serves, especially people underserved by mainstream financial institutions. With a strong commitment to volunteerism, employees donate hundreds of hours to local community causes each year. Additionally, the creation of the SCE FCU Foundation provides much-needed financial education to the underserved.
Sonepco Federal Credit Union, headquartered in Las Vegas, NV has more than 5,100 members and assets exceeding $56 million. The credit union, opened in 1955, has three locations throughout Las Vegas and Henderson, NV. SONEPCO proudly serves its members that include employees of NV Energy and their families, and other members of the local community as well.