Los Angeles, CA (March 29, 2019) – University Credit Union (UCU) announced today it has received both NCUA and DBO approval for purchase and assumption of CBS Employees Federal Credit Union’s (CBS EFCU) assets and liabilities. UCU assumed control of CBS EFCU today, with full systems integration scheduled for completion on May 1, 2019. The approved transaction will give expanded financial services to members of the former credit union.
UCU was selected because of the safety and soundness of the institution, their robust product offerings for members, and the credit union’s ability to provide the best possible member experience through this transition.
“We are excited to welcome CBS EFCU members to the University Credit Union family. We are always focused on the best member experience and providing the much-needed financial edge.” said Dr. David Tuyo, DBA, University Credit Union CEO and President. “We look forward to offering our newest members unparalleled value through our innovative products and services.”
UCU plans on retaining all CBS EFCU employees and branch locations.
Members’ accounts remain insured by the National Credit Union Share Insurance Fund. Members with questions about Share Insurance coverage can find information on the Share Insurance section of NCUA’s consumer website, MyCreditUnion.com.