Meriwest Credit Union and Golden Bay Federal Credit Union Announce Merger
10/10/07
SAN JOSE, CA - By majority vote the members of Golden Bay Federal Credit Union approved the proposal to merge with Meriwest Credit Union, making this one of the largest credit union mergers in Northern California. Meriwest Credit Union will be the remaining credit union. This will result in expanding Meriwest's network to 19 Financial Centers in the Bay Area and Tucson, Arizona, serving a combined 92,000 members.
Upon completion of the conversion, the combined entities will amount to over $1.3 billion in assets. The merger conversion is scheduled to occur December 1, 2007. The primary objective of the merger is to build on the strengths of both organizations; to enhance the member service and experience; deliver expanded financial product offerings; contribute to the communities served; and provide financial services to members above their expectations.
"This new organization will combine the vision, people, branches, and the capability of two successful credit unions," said Christopher Owen, President and CEO of Meriwest Credit Union. "The larger deposit and capital base will allow us to offer a wider range of products and services."
"We are very excited by the opportunities that a merger of these two credit unions will bring," said Dick Alves, Chairman of the Board for Meriwest. "Golden Bay has a long and strong history of success paralleling our own. Our ultimate goal is to truly bring the best of both institutions to our combined memberships and the communities we serve."
"The heart of a credit union is the members and the communities where they live," said Charles Munch, Chairman of the Board for Golden Bay Federal Credit Union. "In approaching this merger, our highest priority was to provide our members with superior added value through strong financial leadership and an improved branch presence where they live and work."
Meriwest Credit Union is among the top 100 credit unions in the nation and the fifth-largest credit union in the Silicon Valley market.
About Golden Bay Federal Credit Union
Golden Bay Federal Credit Union was established in 1957 and has since grown to become one of Silicon Valley's leading financial institutions. Golden Bay FCU was founded by seven original members; all employees of the National Aeronautics and Space Administration (NASA) at Moffett Field, California.
About Meriwest Credit Union
Meriwest Credit Union, one of Silicon Valley's largest and established financial institutions, has been providing proactive, personal, convenient and innovative financial services to businesses and families throughout the San Francisco Bay Area and Tucson, Arizona, for more than 45 years. Meriwest is ranked as a 5-Star financial institution, as rated by BauerFinancial, and has received this rating for 12 consecutive quarters. More information can be found at www.meriwest.com.
Contact:
Meriwest Credit Union
Gregory Meyer
Community Relations Manager
408-365-6328
gmeyer@meriwest.com |
