Merger with Napa CU
MERGER OF NAPA AND SONOMA BASED CREDIT UNIONS
–– Health Care Professionals FCU to Merge with Community First CU ––
Santa Rosa, Calif. –– 2 October 2012 – Health Care Professionals Federal Credit Union, a 45-year-old financial cooperative based in Napa, will merge with Community First Credit Union, a 51-year-old financial cooperative based in Santa Rosa, announced Rita Crawford, Board Chair of Health Care Professionals FCU.
“The strong financial footing of Community First, coupled with its broad array of auto and home loans and high-tech conveniences for Members, will ensure more choices and value for our Members going forward,” said Crawford.
Pending regulatory approval and a vote by the Members of Health Care Professionals, the merger is expected to be completed by December 1.
The Health Care Professionals Board of Directors felt the company had to grow exponentially to get to the scale needed to implement web-based home banking, next-generation ATMs and match the products and services offered by other community-based financial institutions. “After some analysis, we realized we couldn’t achieve the necessary growth organically, so we began to search for the best partner to deliver what our Members and the Napa community deserved,” said Crawford. “Community First, because of its focus on Members and the community, its technology prowess, and its proximity in contiguous Sonoma County, was seen as a perfect fit for our Members,” added Crawford.
Community First has five retail offices in Sonoma County: Guerneville, Central Santa Rosa, Healdsburg, Sebastopol and West Santa Rosa. The sole branch of Health Care Professionals will remain in its location (1100 Trancas St. in Napa), but will be rebranded as Community First and have extended hours after the merger is completed.
“We are excited to bring many new products and e-services, as well as extended branch hours to the Members of Health Care Professionals,” said Todd Sheffield, CEO and President of Community First. For the first time ever, Members of Health Care Professionals FCB will have access to:
‣ free checking
‣ free debit card that pay you to use, and that offers additional GoLocal Rewards
‣ free 24/7 online banking and bill pay
‣ banking via smartphone
‣ full suite of low-rate auto and home loans
‣ 7.07% Youth deposit account (for Members not yet 20)
For continuity purposes, as well as to provide the best local service to local Members, some staff from Health Care Professionals will migrate to Community First.
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