Regulators approve expansion for Southland Credit Union
Southland Credit Union, headquartered in Los Alamitos, Calif., has been approved by state regulators for a field-of-membership expansion.
Effective immediately, the credit union can serve anyone who lives, works, attends school or worships in Los Angeles County. Southland CU already served those who live, work, attend school or worship in Orange County, plus it had served a limited number of cities and ZIP codes in Los Angeles County.
The $771 million-asset institution said it applied to the California Department of Business Oversight to expand to the rest of LA County. The DBO approved the request in early June.
Originally founded to serve employees of the Los Angeles County Flood Control District, Southland CU has several existing branch locations in Los Angeles County, located in the cities of Long Beach, Carson, Downey, Santa Monica and the Los Angeles Federal Building.
Being able to serve all of Los Angeles County is “an opportunity and a privilege that goes back to the credit union’s historical roots,” the CU said in a statement.
“This approval is a significant milestone for our credit union,” said Tom Lent, Southland Credit Union’s CEO. “We now have the opportunity to reach more potential members. It will simplify our membership qualification requirements and allow us to deliver our uniquely personal Southland service to an expanded area.”
In its most recent call report, Southland Credit Union had more than $452,000 in net income in the first quarter of this year, down 33% from the $679,000 it earned in Q1 2018. As of March 31, 2019, its net worth ratio was 11.15% (“well capitalized”).