California Credit Union Expansion

The National Credit Union Administration approved an agreement whereby Kinecta Federal Credit Union in Manhattan Beach, California would acquire 55 Nix Check Cashing retail outlets in the greater Los Angeles area.  Over time, the 55 outlets will be converted to full-fledged credit union branches.  Prior to the transaction, Kinecta had $4 billion in assets, 200,000 members, 700 employees and 23 branches.  For Nix's press release, click here.

This transaction is one the largest in credit union history.  The field of membership allowed in this transaction is as broad as we have seen.  It is still unclear whether this transaction will have a ripple effect through the industry and trigger other large transaction and field of membership expansions.