Two locally-based entities, Kinecta Federal Credit Union and Xceed Financial Credit Union, announced on July 16 a tentative agreement to merge following approval by regulatory authorities and Xceed's members. The deal is expected to be finalized before the end of the first quarter of 2021, according to a press release.
The combined entity will be the nation's 35th largest credit union with approximately $6 billion in assets, 300,000 members and 33 locations. It will operate under the name Kinecta Federal Credit Union and be the eighth largest in California in terms of assets, according to the release.
Its chief executive officer will be Keith Sultemeier who is currently Kinecta's president and CEO. Xceed's President and Chief Executive Teresa Freeborn will continue with the new entity as president.
Kinecta is based in Manhattan Beach and Xceed is based in El Segundo; the combined entity will be headquartered in Manhattan Beach.
"The merger will be great news for members of both credit unions," Sultemeier wrote in the statement, adding that "Both of us are workplace credit unions with strong ties to our respective employer group partners, and a strong community presence."