Valley Strong Credit Union and Financial Center Credit

BAKERSFIELD, Calif., September 27, 2021 (GLOBE NEWSWIRE) – A proposed merger between Valley Strong Credit Union and Financial Center Credit Union has received regulatory approval as well as the consent of an overwhelming majority of Financial Center members.

With nearly 11% of participating members voting, 86% voted “yes,” paving the way for a legal merger on October 1, 2021. The results were announced Thursday, September 23 at a special meeting held at the headquarters of the Financial Center in Stockton.

Together, the organization will operate as Valley Strong, with President and CEO Nicholas Ambrosini leading the credit union. The organization’s combined assets will be approximately $ 3.5 billion and serve more than 210,000 members with 27 branches throughout the San Joaquin Valley, from Lodi to Tehachapi. Two more branches are expected to open by the end of the year.

The biggest change right now is that the Financial Center will be legally combined with Valley Strong. From the members’ point of view, the impact will be minimal at the legal date of the merger. Both organizations will continue to serve their respective members “as usual” in their branches as they step up efforts to work on the full integration of the financial center from a systems perspective in early 2022.

When the merger was announced, the phrase “Brighter Futures” was adopted as a mantra to represent the strategic partnership between two financially sound and forward-looking credit unions that are committed to providing unparalleled branch access, a digital access and exceptional service to members. and the communities they serve.

Michael P. Duffy, President and CEO of Financial Center Credit Union, said, “In an ever-changing financial services industry, this merger is a true embodiment of the cooperative mindset of the cooperative industry. credit. a collective mindset that allows us to achieve our goals faster than we could duplicate on our own. “

When asked what it means for members to achieve those goals faster, Duffy added, “We recognize that criticism of mergers can stress our healthy capital and ask why we didn’t choose to go it. alone. That was of course the first consideration. But the reality is, we do the same things for the same reasons, so why not eliminate the redundancy and grow faster and better together. On our own, it would take years to develop and implement while keeping the challenges to scale, so why not give more to the members and build the organization for the next decade at the same time. ”Duffy continued. : “We have taken seriously our national search for a partner. With Valley Strong, it’s a win-win, because members are our focus and we will be able to serve even more people in San Joaquin and the State of California. “

Ambrosini agreed with Duffy. “I recently shared a thought leadership article about my journey as CEO of Valley Strong. I spoke about my belief that credit unions are uniquely positioned to meet the challenges of a growing financial landscape. increasingly fractured. By our very nature – and our charter – we can address social issues and engage with members in ways that improve their lives. ” Ambrosini went on to say, “I firmly believe that mergers, when done for the right reasons, are a strategy that allows us to deliver ultimate value to members, communities and team members. Our strategic partnership with Financial Center is founded on a human-centered, collaborative and democratic approach. “

Ambrosini added, “As Valley Strong looks to the future and how to turn people’s financial possibilities into financial realities, we are committed to maintaining a cooperative mindset. “

From the start of their partnership, the two organizations worked diligently to develop and execute a communication on the merger that included training that would encourage members of the financial center to vote.

As the merger process progresses, the two credit unions will provide information to their respective members through their websites (fccuburt.org and valleystrong.com) and other applicable communication channels.

Caisse populaire de la Vallée

Valley Strong Credit Union operates 27 branches, serving over 180,000 people, with approximately $ 2.8 billion in assets. It remains one of the largest financial institutions headquartered in the San Joaquin Valley.

Financial center credit union

Established in 1954 and with approximately $ 646 million in assets and serving over 30,000 members. Financial Center Credit Union is the largest credit union based in San Joaquin County and continues to be voted the best credit union in the region.

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Media contact: Jessica Richardson-Isenegger, Infusion Group
Telephone: (734) 552-5192
Email: [email protected]

Related images

Image 1: Valley Strong Credit Union

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• Caisse populaire de la Vallée