Livermore-based UNCLE Credit Union recently announced that it has taken over one Stockton-based credit union and is considering merging with another.
UNCLE has assumed control of Stockton Community Federal Credit Union as of the first of the year. All systems are expected to be integrated by April 1, at which point the Stockton credit union will no longer be operating under its former name.
Officials for UNCLE, which has one main branch and several partner branch and ATM locations in Pleasanton, cited "expanded services" as the rationale for the merger with Stockton Community Federal.
And recently, UNCLE has entered into a tentative agreement to merge with Allied Credit Union, another Stockton-based credit union with over 1,900 members and nearly $26 million in assets. Members will be able to vote on the prospective merger either via a mail-in ballot or in-person at a special meeting on March 5 at Allied Credit Union, 2131 W. March Lane in Stockton.
The financial terms of both transactions were not disclosed.
"We see this as a great opportunity," Harold Roundtree, president and CEO of UNCLE, said of the Stockton Community Federal acquisition. "Our objective is to make this a seamless process for our combined membership and employees."
The UNCLE Credit Union, which was initially founded in 1957 to serve the employees of what is now known as the Lawrence Livermore National Laboratory, has opened its field of membership to include anyone who lives, regularly works, attends school or regularly worships in Alameda, Contra Costa, San Joaquin or Stanislaus counties.
As of Sept. 30 of last year, UNCLE had over 23,000 members and $394 million in assets.
Prior to the merger, Stockton Community Federal was serving residents of Stockton and unincorporated areas of the city's "Census County Division," along with participants in poverty alleviation programs in the greater Stockton area. It was founded in 1951, and as of Sept. 30 last year had 643 members and $5.9 million in assets.
"This is a natural fit for both organizations and a 'win-win' example of the merger process," said Chung Bothwell, board chairman for UNCLE. "Stockton Community CU members get instant access to a much wider range of high value financial services and UNCLE can now more conveniently serve its eligible members in the greater Stockton area."
Cindy Hodson, the former president and CEO of the Stockton credit union, will stay on as the financial center manager of UNCLE's new office in Stockton.
"I am thrilled to be able to offer a much wider range of financial services to members," Hodson said. "I know my Stockton members will be very happy with the additional services."