Altura Credit Union and Visterra Credit Union announce intention to merge
Two Long-Time Inland Empire Credit Unions Unite to Better Serve Members
RIVERSIDE, CA (February 19, 2015) – Altura Credit Union and Visterra Credit Union, both based in Riverside County, Calif., today announced their intention to merge their financial institutions to better serve the needs of their combined Members. The proposed merger will create a $1.1 billion credit union serving 118,000 Members in the Inland Empire.
The agreement to merge has been approved by the Boards of Directors of both credit unions. Approval is pending from State and Federal regulators as well as Visterra Credit Union’s Members. Once approved, the anticipated merger date is July 1, 2015. The combined institution will be called Altura Credit Union.
“Our two Inland Empire-based credit unions have complementary operating philosophies and extensive knowledge of our communities,” said Mark Hawkins, Altura CEO. “Both organizations successfully faced significant challenges as the local economy bottomed out during the ‘Great Recession.’ It made us realize that by merging our operations we can better leverage our resources. In this way we can more effectively meet our Members’ financial services needs as the local economy picks up speed,” he said.
“This merger will combine the strengths of two long-time Riverside County credit unions to expand services for our Members in the Inland Empire,” said Robert Cameron, Visterra CEO. “Additionally, the economies of scale that will result from this partnership will enable us to offer our Members more competitive rates, enhanced technology, expanded products and services, as well as the convenience of more branches and ATMs.”
Altura’s Operations and Technology Center, 2847 Campus Parkway in Riverside, will serve as the merged institution’s headquarters. Visterra’s Cameron will retire and Hawkins will assume the reins of the combined credit union.
Members of Visterra’s management team will join Altura’s management team. In addition, all seven members of Visterra’s Board of Directors will join Altura’s Board to ensure representative governance for all Members.
“We are enthusiastic about the enhanced benefits this merger will provide our Members, employees and the communities we serve,” said Hawkins. “This is a proactive step to provide more value to our Members. Combining our strengths and resources will bring enormous opportunities for our Members now and in the future.”
Currently, Altura Credit Union, which is headquartered in Riverside, Calif., has $757.3 million in assets and nearly 84,000 Members. Visterra Credit Union, headquartered in Moreno Valley, Calif., has $335.6 million in assets and approximately 34,000 Members.
About Visterra Credit Union
Originally chartered and organized as March Air Force Base Credit Union, Visterra Credit Union has been providing financial services since 1953. In 2006, the credit union changed its name to Visterra to better reflect its current Field of Membership, which includes March Air Reserve Base and all of Riverside County. Today, Visterra has assets of $335.6 million and serves nearly 34,000 members, and is the second largest credit union headquartered in Riverside County.
About Altura Credit Union
Altura Credit Union is proud to be a not-for-profit financial cooperative with a 58-year history in the Inland Empire. Over time, Altura grew to become, and remains today, the largest credit union headquartered in Riverside County. Currently, Altura has assets of $757.3 million and serves nearly 83,000 Members. Membership is open to anyone who lives, works, worships or attends school in Riverside and Orange counties as well as selected cities in San Bernardino and San Diego counties.