RIVERSIDE, Calif.–A merger between two large credit unions here became official over the weekend.
Altura Credit Union and Visterra Credit Unions are now one, creating a $1.1-billion financial institution. The two credit unions first announced plans to merge in February. The last official step was a vote by members of Visterra, 86% of whom voted in favor of the combination. The credit unions estimated merger-related costs at between $1.2-million and $1.5-million.
Altura CU CEO Mark Hawkins will be CEO of the merged credit union. The merger will add 13 branches and 33,000 members to Altura CU. A merger of the two core processing systems is scheduled for March 1, 2016.
No layoffs are planned, but approximately 100 Visterra employees will relocate to an Altura CU operations and technology center.