EL MONTE, Calif. — The Vons Employees Federal Credit Union here — an independent entity from Vons Grocery Co., the Southern California division of Pleasanton, Calif.-based Safeway — said it has acquired another independent federal credit union that liquidated its assets.
The acquired company — Certified Federal Credit Union, which was based in Commerce, Calif. — will become a division of the Vons credit union and will add $38 million in assets and 6,000 new members, plus one additional branch office.
Steve Weakley, president and chief executive officer of the Vons credit union, said his operation had assets of $332.4 million, with 20% capital, and 37,825 members as of June 30, prior to the acquisition.
Members of Certified included some locals of the Teamsters union, “[so] we are pleased to be adding new members from the same industry who share a common heritage and history,” Weakley said. “We are also excited at the prospect of providing them with additional products and services at great rates.”