WILMINGTON, Calif. — ILWU Credit Union and ILWU-FSC Federal Credit Union on Monday announced that they have completed a merger.
The merger was approved by The National Credit Union Administration and the California Department of Business Oversight.
The newly merged entity, which will be known as ILWU Credit Union, is able to serve all of the members of the International Longshore and Warehouse Union and all ILWU Locals in California. ILWU Credit Union has three branches and 10 ATM locations in the major California ports.
Prior to the merger, ILWU-FSC FCU had $25 million in assets and 2,845 members, according to NCUA. It was charted in 1975 to serve ILWU members in the San Francisco Bay Area from its headquarters in Oakland, Calif.
After the merger, ILWU Credit Union, based here, has $224 million in assets and serves 18,455 members. It was chartered in 1954 to serve ILWU members who worked in the ports of Los Angeles and Long Beach.
Ralph Ruiz, president and CEO of ILWU Credit Union, continues to lead the combined organization. Ruiz has nearly three decades of experience in the credit union industry and has been the CEO of ILWU Credit Union since 2013.
"The merger will ensure that members of the International Longshore and Warehouse Union (ILWU) throughout the state of California will have a credit union dedicated to serving their financial needs now and in the future," Ruiz said in a statement. "The merger is a win-win for both CUs and will also provide ILWU-FSC Federal Credit Union members with a vast array of loan and deposit products and greater access to their accounts through mobile banking and the CO-OP ATM and Shared Branch Networks."
The merger of the two credit unions was completed Feb. 1 but not announced until May 2.
