Merger Signifies Important Industry Move For Educational-Focused Financial Institutions As UCU Surpasses $1 billion In Assets
Los Angeles, California - As of October 13th, University Credit Union (UCU) & Chabot Federal Credit Union (CFCU) have announced the official approval of a merger as voted with overwhelming positive support by CFCU members. The merger demonstrates both credit unions’ commitment to continue serving higher education.
“This merger is about bringing us together and finding pathways to better serve all of our members as well as the higher education communities we serve. Greater participation in the financial cooperative allows us to increase the amount we are able to give back and invest in these communities.” David Tuyo, CEO of UCU, says. “The support that we provide to university and college communities via our members is primary above all else and this partnership is another step towards greater levels of success for all University Community stakeholders.”
The merger enables both credit unions to better serve their members by improving access for educational communities and strengthening their technological ability to provide financial services. CFCU staff and the Dublin, CA location will be retained through the merger. CFCU will now operate as University Credit Union with a full systems conversion expected to be completed by Q1 of 2022. As a result of the merger, UCU will now hold more than $1 billion in assets.
“We are excited to join the University Credit Union family.” Chabot FCU CEO Christine Petro says. “By joining together, our members will have access to a wider variety of products and services at competitive rates. It was important to us that we stay focused on serving the higher education community and partnering with UCU makes this possible.”
UCU’s loan rates are within the top 1% in the country and it is the only financial institution - credit union or bank - to make that guarantee to its members four different types of loans. The Lowest Loan Rate Guarantee is part of UCU’s mission to give the university community a financial advantage. The merger further strengthens UCU’s ability to provide top-tier financial services and their position as the industry-leading financial partner to university communities.