SOURCE: Meriwest Credit Union

August 09, 2005 18:01 ET

Silicon Valley Credit Union Approves Merger With Meriwest Credit Union

SAN JOSE, CA -- (MARKET WIRE) -- August 9, 2005 -- By majority vote, the members of Silicon Valley Credit Union approved the proposal to merge with Meriwest Credit Union making this one of the largest mergers in Northern California; Meriwest Credit Union will be the remaining credit union.

"We are very excited about bringing these organizations together. We see a lot of synergy between the two credit unions and believe strongly that our combined members will benefit greatly from expanded access to more financial centers in the Bay Area as well as greater products and service choices," said Christopher Owen, Chief Executive Officer of Meriwest Credit Union.

Silicon Valley and Meriwest Credit Union share similar histories. Both began as single sponsor credit unions and expanded into community charters. Upon regulatory approval, the combined entities will culminate in over 1 billion in assets and 75,000 members. The merger conversion is scheduled to occur October 1, 2005.

Meriwest Credit Union is among the top 120 credit unions in the nation and the seventh largest credit union in the five county Bay Area market.

About Meriwest Credit Union

As an established and proactive full-service financial institution, Meriwest is dedicated to making life easier for businesses and families in the San Francisco Bay Area and Tucson, Arizona, through personal, convenient and innovative financial services. More information can be found at www.meriwest.com.

About Silicon Valley Credit Union

Silicon Valley Credit Union (SVCU) was founded in 1953 for the employees of Varian Associates. Currently, SVCU serves nearly 8,000 members, with four branches in the Silicon Valley area. More information can be found at www.svcu.org.

Contact Information

  • Contact:
    Sandra Citrigno
    Direct Line: 408-365-6383
    Cell: 408-887-3833
    Email Contact