Xceed Financial FCU members OK merger with Kinecta FCU – CUTimes

Members of El Segundo, Calif.-based Xceed Financial FCU on Feb. 26 approved the group's proposed merger with Manhattan Beach, Calif.-based Kinecta FCU, CreditUnion Times reported, citing March 1 statements from the credit unions' heads.

The merger received 83% of members' votes, according to the report.

The merger is expected to take effect April 1, resulting in combined assets of $6.2 billion, 32 locations and 280,041 members. Based on S&P Global Market Intelligence data, Xceed Financial had total assets of $944 million as of Dec. 31, 2020, while Kinecta had $5.26 billion in assets as of the end of 2020.

The combined entity, which will operate under the Kinecta brand, will be the eighth-largest credit union in California, according to the report.

Approved by the National Credit Union Administration in the fourth quarter of 2020, the consolidation is the industry's largest so far in 2021, the news outlet wrote.

Kinecta President/CEO Keith Sultemeier will be the combined organization's CEO, while Xceed Financial President/CEO Teresa Freeborn will be president.

The Kinecta board will expand to nine from seven seats, with Xceed board members filling the additional spots.