Oct 17, 2007 3:54 pm US/Pacific
Wescom Credit Union, Great American Announce Merge
PASADENA, Calif. (CBS) ―
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As part of the agreement, Wescom will maintain and operate all four existing Great American branch locations in the San Diego area and will offer employment to all Great American employees, according to a joint statement.
CBS
Pasadena-based Wescom Credit Union and Great American Credit Union, which is headquartered in San Diego, will merge, the companies jointly announced Wednesday.
Great American, which has more than 8,800 members and $57 million in assets, will merge into Wescom. The anticipated merger date is Dec. 1, dependent upon approval by Great American's membership.
Wescom plans to strengthen its San Diego County presence by nearly doubling its branch locations from five to nine.
As part of the agreement, Wescom will maintain and operate all four existing Great American branch locations in the San Diego area and will offer employment to all Great American employees, according to a joint statement.
No other terms of the deal were disclosed. "The merger with Great American Credit Union will provide Wescom with an established member base in San Diego County," Darren Williams, president and chief executive officer of Wescom said.
John Weaver, president and CEO of Great American Credit Union, said the merger is a win-win for members.
"With Wescom, our members will continue to experience the service they are used to, but will also have access to additional financial products and added convenience through Wescom's extensive branch network," he said.
Great American, which has three San Diego branches and one location in Poway, was founded in 1928 by and for employees of the U.S. Postal Service.
Wescom, one of the largest credit unions in the country with more than $3.9 billion in assets, was established in 1934 and serves more than 300,000 members at 51 branches throughout Southern California.
Membership is open to people living and working in Los Angeles, Orange, Riverside, San Bernardino, Santa Barbara, San Diego and Ventura counties.
(© 2007 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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