The board of directors for both organizations has approved the merger and will seek approval from the National Credit Union Administration (NCUA). Sparks City Employees FCU members would then vote on the merger.
Great Basin will continue as the same credit union.
The joining of the two credit unions will result in a financial cooperative serving more than 16,400 members across Washoe County, with assets exceeding $116 million.
The similar values shared by the credit unions, including an emphasis on local relationships, were key factors in the decision to merge.
“This merger is a win-win for our members,” said Renee Lavallee, CEO of Sparks City Employees FCU. “Sparks City Employees Federal Credit Union members will become members of Great Basin Federal Credit Union and have full use of Great Basin’s convenient branches, mobile banking, online banking and gain access to a broader line of products and services. We share with Great Basin a passion for maintaining local ties and serving this great community, so this merger brings together two very like-minded organizations.”
Sparks City Employees FCU was established in 1958, and has $13.3 million in assets, more than 1,900 members and one branch.
Great Basin FCU was established in 1951, and has more than $100 million in assets, more than 14,500 members and three branches.
“Helping the people is the heart and soul of Great Basin Federal Credit Union and we look forward to integrating Sparks employees and members into our organization,” said Dennis Flannigan, president and chief executive officer of Great Basin FCU. “We are excited about this partnership, which will undoubtedly further enhance our members’ experience.”
Sparks spokesman Adam Mayberry said the merger would have no financial effect on the city.