The university credit cooperative merges with the federal credit cooperative Chabot
Press release from the Caisse Federal de Crédit Chabot:
22 October 2021
As of October 13, the University Credit Union (UCU) and Chabot Federal Credit Union (CFCU) announced the formal approval of a voted merger with overwhelming positive support from CFCU members. The merger demonstrates the commitment of the two credit unions to continue to serve higher education.
“This merger is about bringing us together and finding ways to better serve all of our members and the higher education communities we serve. Greater participation in the financial cooperative allows us to increase the amount that we are able to give back and invest in these communities. “David Tuyo, CEO of UCU, said.” The support we give to communities universities and colleges through our members is essential above all and this partnership is another step towards better levels of success for all stakeholders in the university community.
The merger enables the two credit unions to better serve their members by improving access for educational communities and strengthening their technological capacity to provide financial services. CFCU staff and the Dublin, California site will be retained through the merger. CFCU will now operate as the University Credit Union with a full systems conversion expected to be completed by the first quarter of 2022. Following the merger, UCU will now hold more than $ 1 billion in assets.
“We are thrilled to join the University Credit Union family.” Chabot FCU CEO Christine Petro said. “By uniting, our members will have access to a wider variety of products and services at competitive rates. It was important for us to remain focused on serving the higher education community and the partnership with UCU makes that is possible. ”
UCU lending rates are in the top 1% in the country, and it is the only financial institution – credit union or bank – to offer this guarantee to its members for four different types of loans. Securing the lowest loan rate is part of UCU’s mission to provide a financial benefit to the university community. The merger further strengthens UCU’s ability to provide leading financial services and its position as a leading financial partner for the academic communities.
This press release was produced by Chabot Federal Credit Union. The opinions expressed here are those of the author.