BREA, Calif. — Credit Union of Southern California is picking up another merger partner, as $40 million Golden West Cities FCU, based in nearby Garden Grove, will merge into the $710 million CU SoCal on April 1.
Members of Golden West Cities FCU voted "overwhelmingly" in favor of the merger on Jan. 21, according to a joint press release.
In 2012 CU SoCal completed three mergers in 63 days, picking up Inland Empire CU in Pomona, North Orange County CU in Fullerton and Family 1 FCU in Placentia, pushing its assets from $575 million to $700 million and membership from 42,000 to almost 55,000.
The combination is yet another example of a smaller credit union being absorbed by a larger one, and another merger prompted, at least in part, by retirement of an executive.
In a joint statement, the two CUs said Dave Gunderson, president and CEO of CU SoCal, will be president and CEO of the newly combined organization, which will retain the CU SoCal name. Jacqueline Wadsworth, CEO of Golden West Cities FCU, has agreed to extend her retirement date to act in an advisory position for one year.
The expanded CU SoCal will have nearly $760 million in assets, 11 branch locations and will serve more than 60,000 members throughout Orange county, the San Gabriel Valley, as well as parts of San Bernardino county. All branches will remain open, and all employees will continue to be employed following the merger, the two credit unions said.
For members of Golden West Cities FCU, the merger means additional products and services, including Saturday hours at several branches and in the phone center, extended weekday branch and phone hours, free mobile banking and remote deposit capture, as well as Individual Retirement Accounts and business loans.
"CU SoCal is an outstanding organization, and we couldn't be more excited about a shared future," Wadsworth said in a press release. "This partnership brings our members many immediate benefits, including access to longer member service hours and expanded product offerings — with the same friendly, personalized and efficient service we've had for 53 years. In addition, this partnership also creates a bright future for all employees."
"Culture is a critical component to the success of any partnership. We both share a commitment to building better lives for our members, employees, and residents in the communities we serve. A combined credit union will allow us to strengthen our commitment and provide more opportunities for the Members and employees of both credit unions," said Gunderson.
CU SoCal was chartered in 1954 as Whittier Area Schools Federal Credit Union. Golden West Cities Federal Credit Union was chartered in 1960 as Garden Grove City Employees Federal Credit Union, becoming Golden West Cities FCU 1976. It serves nearly 4,000 members.
