A pair of Southern California-based entertainment credit unions are set to merge, with Musicians’ Interguild CU joining SAG-AFTRA FCU.
The merger, announced last week but rumored for nearly a month, will see the $73 million-asset CU join forces with the SAG-AFTRA, which has assets of more than $235 million and has served entertainment professionals for more than 55 years. Approximatley 80 percent of SAG-AFTRA FCU’s membes are members of the Screen Actors Guild-American Federation of Television and Radio Artists, while MICU historically served members of the American Federation of Musicians, the Writers, Producers and Directors Guilds of America, and more.
According to a press release announcing the merger, the combined institution will operate under the SAG-AFTRA FCU banner, serving just over 27,00 members with high-end technology across a variety of channels.
According to its most recent call report, SAG-AFTRA FCU had a net income of $63,630 during the first quarter of 2017, while Musicians’ Interguild lost $15,375 during that period. In 2016, SAG-AFTRA earned 72,608, while MICU lost $511,835.
