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Merger in the works

(Federal Credit Unions intend to merge)….It has been confirmed.

The Sun Community Federal Credit Union and the Palm Springs Federal Credit Union are discussing a merger. The Boards of Directors for the two financial institutions have approved the merger. All that is left is approval from the Palm Springs Federal Credit Union members and the Federal Regulators. If that approval is successful, the merger date would be May 1, 2015. Officials say the merger would result in a combined credit union with $325 million in assets, $36 million in capital and over 36,000 members. The combined institution will be called Sun Community Federal Credit Union. Dale Johnson, CEO of Sun Community, says the merger will combine the strengths of two financial strong credit unions and allow them to expand into the Coachella Valley, growing their membership and increasing services for their members.