Beverly Hills City Employees Federal Credit Union, Beverly Hills, Calif., has been merged into Nuvision Federal Credit Union, Huntington Beach, Calif., following about a four-month conservatship, according to a release Tuesday.
The National Credit Union Administration (NCUA) placed the $14.9-million-in-assets credit into conservatorship Jan. 22, citing “unsafe and unsound practices” at the institution.
“The agency worked to address issues affecting the credit union’s safety and soundness,” NCUA said. “After several months of analysis and stakeholder engagement, NCUA determined that merging Beverly Hills City Employees Federal Credit Union into Nuvision Federal Credit Union was in the best interest of its members.”
The agency said Beverly Hills City Employees Federal Credit Union was chartered in 1954 and, according to its latest call report, served 1,750 members. The credit union served employees of the City of Beverly Hills, Calif. It said Nuvision Federal Credit Union’s most recent call report shows it has 204,942 members and $3.9 billion in assets.
Beverly Hills City Employees Federal Credit Union Merges into Nuvision Federal Credit Union
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