The two Bay Area chapters of volunteer organization United Way have agreed to merge in a $50 million deal effective July 1.
The boards of directors of United Way of the Bay Area and United Way of Silicon Valley voted in March to undertake the merger. The merged entity will retain the Bay Area name and will cover eight counties: Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo, Santa Clara and Solano.
The two chapters have combined total revenues of $50 million in 2014 and $20 million in net assets.
Also, the two boards approved the terms of the merger in May, with Anne Wilson retaining her chief executive officer (CEO) position, while Loretta Walker of AT&T will be board chair of the merged nonprofit.
The merger aims to streamline operations and human resources, United Way of the Bay Area spokeswoman Tami Kelly told reporters. In addition, she said that the leaner organization aims to improve fundraising abilities, thereby increasing program funding and keeping overhead costs low.
