IE Business Daily Business news for the Inland Empire.
Altura Credit Union and Visterra Credit Union are planning to merge.
Both Inland Empire-based financial institutions announced their plans Thursday, according to a report in The Press-Enterprise.
If approved, the merger could be completed by July 1.
The new company, Altura Credit Union, would be worth an estimated $1 billion, employ 337 people and serve 118,000 members in Riverside and San Bernardino counties, the report stated.
The proposed merger must still be approved by state and federal regulatory agencies and members of Visterra Credit Union. Based on assets, Altura Credit Union would be the largest credit union in the Inland Empire. Arrowhead Credit Union in San Bernardino would be second with $856 million in assets, the report stated.
