WHITTIER, Calif. – Credit Union of Southern California (CU SoCal) and WestWorks Credit Union said their proposed merger received regulatory approval as well as approval by a majority vote of the WestWorks Membership.
The merger, which will become effective Dec. 31, is “between two strong, successful credit unions” the two CUs said. It will create a $600 million credit union with eight branches, serving 50,000 members throughout Los Angeles and Orange Counties. Both CU SoCal and WestWorks say they are well capitalized and growing, with healthy balance sheets, established member bases and five-star financial strength ratings from BauerFinancial.
CU SoCal President/CEO Dave Gunderson will become CEO of the new combined organization, which will retain the CU SoCal name. WestWorks President/CEO May Morris will remain with the new organization as VP/special projects and public relations.
All employees of CU SoCal and WestWorks will continue to be employed at the combined credit union following the merger.
