Chabot Federal Credit Union & University Credit Union Announce Plans to Merge

Merger Represents Exciting New Opportunities For Member-Owners

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Aug 05, 2021, 09:52 ET

LOS ANGELES, Aug. 5, 2021 /PRNewswire/ -- To ensure continued and exceptional service for its members, Chabot Federal Credit Union (CFCU) has announced plans to merge with another CU serving the higher education community, industry-leader University Credit Union (UCU). The merger is significant for its expansion of financial services and support to university and college campus communities across the state of California.

"We hope to combine our resources with a credit union that mirrors our long history of helping people achieve their financial goals," Chabot FCU CEO Christine Petro says. "This proposed merger will allow us to maximize our e ciencies, enabling us to enhance products and delivery channels to our members, while retaining our entire team, our programs and services, and our existing location."

CFCU began searching for a prospective partner in 2020. UCU's dedication to its members, the extensive breadth of their traditional and electronic services, and its historical success serving college communities made it an obvious best choice. Chabot FCU members will have the opportunity to vote on the merger by September 14^th. Petro and the Chabot FCU Board are expecting a positive response.

"We are proud and excited to have CFCU join us in this marquis partnership," Dr. David Tuyo II, CEO of University Credit Union says. "The combined entity will enable our team to provide more accessibility to a suite of comprehensive financial services for all members, as we unite to ensure that university and college communities are fully supported in all areas of financial concern."

Petro stated she looks forward to sharing more information with the Chabot Federal Credit Union family, and the surrounding public. If approved by Chabot FCU members, the merger is anticipated to be finalized by Q4 of 2021.

About Chabot Federal Credit Union: Chabot Federal Credit Union is a member-owned financial cooperative providing financial services to approximately 1,650 members. Headquartered in Dublin, Calif., the credit union serves Chabot College, Las Positas College, the Chabot Las Positas Community College District, the City of Hayward and several select employers in Dublin, CA. To find out more visit us at ChabotFCU.com.

About University Credit Union: University Credit Union, a federally-insured financial cooperative, was founded in 1951 on UCLA's campus by faculty and staff. Serving more than 40,000 members, UCU has become a leading credit union in the United States. UCU is guided by a board of directors, comprised only of faculty, staff and alumni of the university community. UCU's core purpose is to give members a financial advantage in life, and with their promise to advocate, educate and innovate, UCU is an industry-leading financial partner to university communities. www.UCU.org

SOURCE University Credit Union