Cedars-Sinai Federal Credit Union in West Hollywood, Calif., will merge into Credit Union of Southern California in Anaheim on May 1.
The institutions said on Friday that the combined entity, which will use the CU SoCal name, will have more than $1.4 billion in assets and 18 branches, and serve more than 114,000 members across Los Angeles, Orange, Riverside and San Bernardino counties.
Dave Gunderson, the current president and CEO of CU SoCal, will keep his position in the merged organization. Nor Kurasz, the current CEO of Cedars-Sinai FCU, will serve as a branch manager.
Cedars-Sinai FCU was chartered in 1966 by executive management of two Los Angeles hospitals, Mount Sinai and Cedars of Lebanon. It currently has about $29.6 million in assets and just under 5,000 members.
After the merger, Cedars-Sinai FCU’s lone branch will be relocated to a nearby location in early summer for “more convenience and community access," according to the press release. That branch will keep the same employees, but will extend its business hours.
CU SoCal has about $1.5 billion in assets and serves almost 111,000 members. In late 2017,
“Partnering with CU SoCal will preserve the credit union’s service legacy while adding convenience and a comprehensive portfolio of financial products and services to best serve today and well into the future,” Dean Varga, Cedars-Sinai FCU’s chairman, said in a statement.
Cedars-Sinai FCU posted net income of about $240,000 in 2018, a 2.2% increase from the prior year.
CU SoCal recorded net income of about $13 million last year, a 2.3% rise over 2017.
