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 SAN JOSE, Calif., March 29 /PRNewswire/ -- After a lengthy pro- active search that included the area's largest and most progressive credit unions, Westinghouse Credit Union has elected to merge with the San Jose-headquartered Valley Credit Union which operates offices throughout the Silicon Valley, from Oakland to San Jose.
 The Westinghouse merger decision was based on strength not weakness, says Ted Dennis, president at Valley Credit Union. "Westinghouse employees were looking for a credit union which already offered a full compliment of banking services, everything from Gold Visa cards to mortgages. They also wanted convenience, branch offices and technological sophistication that made account access possible at every corner via ATM networks. Finally, the search committee took a very systematic look at each credit union's historic and current fiscal performance, seeking financial stability that would ensure solid service for decades to come."
 The board of directors at Westinghouse found what they referred to as a "prime candidate" at Valley Credit Union and talks were initiated last summer.
 Over the past decade, Valley Credit Union has experienced an extremely healthy financial profile, posting at the end of the recession-plagued 1992 a capital-to-asset ratio of 8 percent, assets cresting $115 million and a remarkable loan-to-deposit ratio of 96 percent. While Westinghouse Credit Union was relatively small in asset size, at $1.6 million, it had a strong capital-to-asset ratio of 7.8 percent making it a much sought after merger candidate. The proposed merger was overwhelmingly approved by Westinghouse Credit Union members, with the voting members casting their ballot in favor of uniting the two credit unions. With regulatory approval in hand and data processing information downloaded, Valley Credit Union has now assumed control of all deposits, loans and services. Already changes designed to improve service access are taking place. Last week, Valley installed a full-service ATM at the Westinghouse facilities' "Cal Gate" plus employees now have access to a VCU office located five minutes from the Westinghouse facility, on Oakmead Parkway in Sunnyvale.
 "Communications industry (PacTel, AT&T) and health care employees in Santa Clara and San Mateo County are singularly responsible for building VCU into the solid safe and diverse financial institution it is today," Dennis emphasized. "This merger was complimentary to our existing field of membership and we expect others will occur further down the road as cost efficiencies become an even greater consideration. As a cohesive and ever growing cooperative, we will be well prepared to meet the financial needs of those who keep the business community alive, throughout the coming decade and beyond." Valley Credit Union was founded in 1953 to serve telephone employees in the Silicon Valley. Prior to the merger, the credit union served employees of more than 500 businesses, groups and associations in the two-county area.
 Valley Credit Union is a profit-sharing financial institution open to all employees of AT&T, PacBell, Sunnyvale Westinghouse, Oakland's Summit Medical Center and Children's Hospital and more than 500 businesses and organizations spanning the coast from Marin to Santa Cruz County. Administrative headquarters for the credit union are located at 2635 Zanker Road in San Jose. Four additional branch offices are located in San Jose at 100 Park Center Plaza; in Campbell at 70 West Hamilton; in Sunnyvale at 1270 Oakmead Parkway; and in Oakland at 3334 Webster St.
 -0- 3/29/93
 /CONTACT: Anthony Jones of Valley Credit Union, 408-955-1300; or Sharon Chapo of Chapo Marketing, 619-523-0907, for Valley Credit Union/

CO: Valley Credit Union; Westinghouse Credit Union ST: California IN: FIN SU: TNM

JB-MS -- SD002 -- 0385 03/29/93 09:45 EST
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Publication:PR Newswire
Date:Mar 29, 1993

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