Kinecta, NuVision credit unions call off merger
Kinecta Federal Credit Union of Manhattan Beach and NuVision Federal Credit Union of Huntington Beach have called off a plan to combine in one of the biggest mergers in the history of the industry.
With roots deep in Southern California’s aerospace industry, Kinecta and NuVision had been working on the merger for a year and a half.
They had hoped their deal would close early this year, but said in a recent joint statement that in the tough current economy it would have taken them two more years to integrate their operations.
Roger D. Ballard, currently serving as joint chief executive of both Kinecta and NuVision, will continue in that role until Kinecta’s board chooses a new CEO, the companies said.
The merger would have made Kinecta, already one of the nation’s biggest credit unions, larger still by a third, with more than $4 billion in assets. Kinecta, founded in 1940, originally served Hughes Aircraft employees while NuVision was founded in 1935 for Douglas Aircraft Co. workers.
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