Kinecta And Xceed Announce Planned Merger With Kinecta As The Survivor

Choice | Jul 21, 2020 | 937 posts since 2020

Why? A merger of non-equals? Upper NY members may not be too enamored with the lost of a namesake.

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alan1 | Jul 21, 2020 | 880 posts since 2015

What does this mean: "Upper NY members may not be too enormous"??? Are their "Upper NY members" all on a diet?

Sylvia | Jul 21, 2020 | 389 posts since 2012

alan1, thanks for the chuckle :-).

alan1 | Jul 21, 2020 | 880 posts since 2015

and thank you, Sylvia. I see that the original post has been corrected to change "enormous" to "enamored". (Though I still don't understand what is meant by the lost, or perhaps loss, of a "namesake".)

me1004 | Jul 21, 2020 | 1,381 posts since 2010

Funny too, since Xceed is headquartered in the Los Angeles area, not New York, and so is Kinecta.

Here is the story about this at Xceed:

https://www.xfcu.org/kinecta-federal-credit-union-and-xceed-financial-credit-union-announce-plans-to...

Choice | Jul 21, 2020 | 937 posts since 2020

My read...both headquartered in LA area as me1004 says, Xceed closed branches in Texas from it’s prior merger there, wants to unload legacy branches in NY but can’t b/c of history/ties, thus merge with Big K, who has no ties to NY and then spin off or close NY branches. Top officers of Xceed came from Big K

me1004 | Jul 22, 2020 | 1,381 posts since 2010

I would not presume they have any interest in closing the New York branches. They are actually touting them in that news item at their Website. No matter Xceed's ideas about it, Kinecta is going to be in charge after the merger. The Kinecta CEO will remain CEO of the merged CUs, and Xceed will get only two seats of what will be a nine-member board.

Choice | Jul 22, 2020 | 937 posts since 2020

Ergo, members need to ensure as a condition of merger those branches remain open post-merger for x years. Otherwise, the intent is readily apparent on NY demise potential

Choice | Nov 16, 2020 | 937 posts since 2020

More posts on contemplated merger at https://chipfilson.com/2020/08/should-a-ceos-last-act-be-merger/
The regulators also approved proposed union

Choice | Jan 8, 2021 | 937 posts since 2020

Now the merger terms have been posted...and the fiduciary duties to its members depends upon some undefined materiality safeharbor? Go read the terms.

PS. Those in NY—-Xceed home ground—-in Rochester NY have no assurance that branches will be there. Remember the 2013 merger of Safeway CU into Xceed resulted in its Norwalk branch closing in 2 years

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