Credit Union of Southern California, a $1.5 billion-asset institution based in Anaheim, Calif., will absorb tiny FedONE Federal Credit Union on June 1, completing its second merger in 32 days.
FedONE FCU, headquartered in nearby Laguna Niguel, has just $18 million in assets and 2,062 members, according to data from the National Credit Union Administration. It serves federal employees, and their immediate family members, who work in California, Nevada, Arizona, Hawaii, Guam and the Mariana Islands. The credit union has just two branches – in Laguna Niguel and Los Angeles – both of which will remain open as CU SoCal branches and be served by the same staff, the two CUs said.
“FedONE FCU and CU SoCal both share long histories of making a positive difference in the lives of their members and employees, and both are well capitalized,” Charles Ragland, FedONE FCU’s board chairman, said in a statement. “This partnership will provide our members with additional products, conveniences and value.”
“FedONE FCU has provided its members with the best financial services possible throughout the years, and we share in that same mission. We look forward to the opportunity to serve their members’ financial needs with the exceptional service they have come to expect and deserve,” said Dave Gunderson, president and CEO of CU SoCal, who will remain the chief executive of the combined organization.
With the addition of FedONE FCU’s two branches, CU SoCal will have 20 locations to serve more than 118,000 members throughout Los Angeles, Orange, Riverside, and San Bernardino counties.
Earlier merger with Cedars-Sinai FCU
On May 1, CU SoCal completed a merger with Los Angeles-based Cedars-Sinai Federal Credit Union.
The two credit unions said Cedars-Sinai FCU’s one branch will be relocated later this summer to less than one mile from CU SoCal for “more convenience and community access.” At this new location, the branch will retain the same associates but its hours will be extended, officials said. Cedars-Sinai FCU Manager Nor Kurasz will serve as branch manager.
“Cedars-Sinai FCU was founded in 1966 to provide members with the best financial services possible,” said Dean Varga, the credit union’s board chairman. “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.”
Gunderson agreed: “Cedars-Sinai FCU has been dedicated to the medical community, understanding, security, convenience, and financial freedom. Those commitments line up with our own and won’t change with this merger.”
In 2018, Credit Union of Southern California had more than $12.9 million in net income, according to its call report. As of Dec. 31, 2018, its net worth ratio was 12.92% (“well capitalized”).
In the first quarter of 2019 CU SoCal earned more than $3.6 million in net income. As of March 31, 2019, its net worth ratio was 12.93% (“well capitalized”).
