After Months In Conservatorship, Beverly Hills City Employees FCU Merges With $3.9B Nuvision
By CU Today Staff —
HUNTINGTON BEACH, Calif.—NCUA said Beverly Hills City Employees FCU has merged into Nuvision FCU here, effective June 1, following several months in conservatorship after the regulator determined the transaction was in the best interest of members.
NCUA placed Beverly Hills City Employees FCU into conservatorship on Jan. 22, citing safety and soundness concerns. The agency said it spent the following months evaluating options and working with stakeholders before deciding a merger with Nuvision FCU would provide the best outcome for members.
Beverly Hills City Employees FCU, which was chartered in 1954 and served employees of the City of Beverly Hills, reported 1,750 members and $14.9 million in assets in its most recent Call Report.
Nuvision FCU has 204,942 members and approximately $3.9 billion in assets, according to NCUA data.
Originally reported by CU Today.