Bank / Credit Union
Kinecta, Xceed plan 2021 credit union merger
July 20, 2020
Kinecta Federal Credit Union and Xceed Financial Credit Union plan to merge in the first quarter of 2021, and it would create the eighth largest credit union in California, according to a report in CreditUnionTimes.
Keith Sultemeier, president and CEO of Kinecta, will serve as CEO of the merged credit union and Teresa Freeborn, Xceed's financial president and CEO, will serve as president.
Once the merger is complete, Kinecta's board of directors will expand from seven to nine seats, which will be filled by Xceed board members.
The merger will also enhance services for Kinecta's east coast members and provide a platform for growth in Central New York, according to the report.
Kinecta serves 243,000 members and Xceed serves nearly 58,000 members. Following the merger, the combined credit union will operate 32 branches, two retail mortgage centers and employ 850 staff members.
If the merger is approved by Xceed Financial members and regulators, it will establish Kinecta as the largest financial cooperative in the South Bay of Los Angeles County, the largest county in the nation by population.
