Credit Unions to Merge

Directors of Business Council Credit Union, a small institution that serves 35,000 members, have agreed to merge into a Pasadena credit union. Terms of the transaction were not disclosed.

The Tustin credit union, founded 21 years ago as the Greater Irvine Credit Union to serve employees of the old Industrial League of Orange County, said it believes the merger with Wescom Credit Union will provide its members with more competitive interest rates and a broader range of products.

The transaction must be approved by regulators as well as Business Council Credit Union members, who are employees of companies that belong to the Orange County Business Council. Wescom is a 60-year-old credit union that serves telephone company employees, as well as employees at some companies that were part of the Orange County Chamber of Commerce before it merged with the Industrial League to form the Business Council.