Nuvision Federal Credit Union in Huntington Beach, Calif., will expand its footprint in the Cowboy State if a merger with Greater Wyoming FCU is approved.
The deal, which members of the Casper, Wyo.-based institution are scheduled to vote on in early December, would see the $22 million-asset Greater Wyoming join the Nuvision fold, broadening the Southern California-based credit union’s footprint in a state where it already has three branches in Cheyenne but none in Casper. The two cities are about 175 miles apart.
If the merger is approved, Greater Wyoming members will have broader ATM access through the CO-OP ATM network, along with additional products and services, including student loans, investment services and business loans.
Greater Wyoming CEO Elizabeth Stetz is expected to stay on after the merger and all other staff members are expected to be offered positions. As part of the deal, Stetz is expected to receive a maximum of nearly $240,000 in incentive pay if she stays with Nuvision for at least two years. A similar arrangement has also been outlined for another employee.
Nuvision has committed to operating the Casper branch for at least five years, assuming there are no safety and soundness concerns. The combined institution will hold about $2.6 billion in assets and serve more than 192,000 members. In addition to branches in California and Wyoming, Nuvision also has a facility in Mesa, Ariz.
“This merger is a partnership between two established, federally insured credit unions to create a new credit union that is in a strong competitive position to offer our members even greater value than they have today,” according to a notice sent to Greater Wyoming members. “The two credit unions also share similar values and a cultural commitment to personalized service and putting our members’ needs first. The new organization will combine the vision, people, branches and capabilities of two successful credit unions, benefiting our members, communities and employees for the long term.”
Greater Wyoming earned about $27,000 during the first half of the year, an increase of more than 400% compared to its earnings one year prior, thanks in part to a $50,000 decline in noninterest expenses, and improvements in charge-offs and recoveries.
