The Chabot Federal Credit Union (CFCU) plans to merge later this year with the larger, Los Angeles-based University Credit Union (UCU).
CFCU, founded in 1962 and based in Dublin, serves Chabot College, Las Positas College, the city of Hayward, and several local employers. It has assets of $74 million.
UCU, founded by faculty and staff at the University of California, Los Angeles, in 1951, has assets of $920 million.
“We hope to combine our resources with a credit union that mirrors our long history of helping people achieve their financial goals,” said CFCU CEO Christine Petro. “This proposed merger will allow us to maximize our efficiencies, enabling us to enhance products and delivery channels to our members, while retaining our entire team, our programs and services, and our existing location.”
CFCU members will be asked to vote on the proposed merger by Sept. 14. If approved, the merger is expected to be finalized later this year.