EL CENTRO – Sun Community Federal Credit Union and Palm Springs Federal Credit Union, today announced their intention to merge their financial institutions in order to expand their field of membership to include all of the Coachella Valley and better serve the needs of their combined members. The proposed merger will result in a combined credit union with $325 million in assets, $36 million in capital and over 36,000 members.
The agreement to merge has been approved by the Boards of Directors of both credit unions. Approval is pending from Federal regulators, as well as Palm Springs Federal Credit Union’s members. Once approved, the anticipated merger date is May 1, 2015. The combined institution will be called Sun Community Federal Credit Union.
“This merger will combine the strengths of two financially strong credit unions and allow us to expand into the Coachella Valley, growing our membership and increasing services for our members,” said Dale Johnson, Sun Community’s CEO. Palm Springs Federal Credit Union is the only credit union headquartered in the Coachella Valley.
Sun Community’s headquarters, main office and operations center will remain in El Centro. According to Mr. Johnson, “We are committed to the Imperial Valley and plan to expand our local service here to include a new express branch to be located inside the Imperial Valley Mall in the near future. Sun Community is the most convenient financial institution in Imperial Valley with seven branches and 14 ATMs available to our members.”
The staff of Palm Springs Federal Credit Union will join Sun Community’s team. In addition, one member of Palm Springs FCU’s Board of Directors will join Sun Community’s Board to ensure the new market area is represented. Palm Springs FCU will also create an advisory board to provide input into Sun Community’s future expansion into Coachella Valley.
About Palm Springs Federal Credit Union
Palm Springs Federal Credit Union was originally chartered and organized as Palm Springs City Employees Federal Credit Union. Palm Springs Federal Credit Union has been providing financial services since 1957. In 2008, the credit union changed its name to Palm Springs Federal Credit Union. Today, Palm Springs FCU has assets of $13 million and serves over 1,600 members.
According to Debbie Pitigliano, Palm Spring FCU’s CEO, “Palm Springs Federal has been in business for 57 years. The past several years have been very challenging for us to offer the products and services our members have come to expect and deserve. With our limited field of membership, we find ourselves in a position where it would be in the best interest of our members to merge with another credit union. This will allow us the freedom to expand our services, potentially open additional branches in the Coachella Valley, and grow our membership. Together we are better! I will continue to work with Sun Community as a Regional Vice President to make sure our member’s needs and concerns are addressed. Our dedicated staff, whom members have grown to love and trust, will continue employment with Sun Community Federal Credit Union.”
About Sun Community Federal Credit Union
Sun Community Federal Credit Union is proud to be a not-for-profit financial cooperative with a 60-year history serving the needs of its members in the Imperial Valley. Over time, Sun Community grew to become the largest financial institution headquartered in Imperial County. Currently, Sun Community has assets of $312 million, capital of $35 million and serves over 34,000 members. Membership is open to anyone who lives, works, worships or volunteers in Imperial County.
According to Mr. Johnson, “We are committed to bringing high quality, full service, credit union financial services to the Coachella Valley. We believe that by merging with Palm Springs Federal Credit Union, we can expedite our growth and better serve our collective membership.”