Solano, Central Valley credit unions to merge

A Fairfield-based credit union and another and a much larger one in the Central Valley have agreed to a merger, forming a financial institution with 21 branches, 160,000 members, and nearly $2.4 billion in assets.

Managers at Solano First Federal Credit Union and Valley Strong Credit Union announced that the partnership is subject to regulatory approvals and membership votes, Jessica Richardson, of the digital marketing firm Infusion Group, said in a press release issued Monday.

The partnership will allow Solano First to provide several enhancements to its members in the form of access to more branch locations, and the ability to offer more products and services, at competitive rates, with enhanced technology offerings that would provide greater roundthe-clock convenience, she added in the prepared statement.

“This merger represents a true member- and peoplefirst approach,” said Nick Ambrosini, who, starting July 1, will be the incoming CEO at Valley Strong, with main offices in Bakersfield and some $2.2 billion in assets. “After several months of working side by side to analyze the value of partnering with Solano First, the Valley Strong board of directors and I feel that combining our two organizations allows us to further our mission of helping people and communities prosper.”

Added Mike Warrell, president and CEO of Solano First, which has a branch in Vacaville and $175 million in assets, “Merging with Valley Strong allows us to provide enhanced capabilities, more robust products and service offerings, and other significant benefits to our members, our team members, and the communities we serve.”

As member-owned cooperatives, and under the guidelines of the National Credit Union Association, full merger approval is contingent upon Solano First’s members. Upon that approval, the merger will be completed later in the year, said Richardson.

As the merger process goes forward, the credit unions will provide information to their respective memberships at their respective websites, at www. valleystrong.com and www. solanofirst.com, “and other applicable communication channels,” she added.