BREA, Calif. — South Western FCU and Credit Union of Southern California have announced their intent to merge, pending approval from state and federal regulators and SWFCU members.
The merger would create an institution with combined assets of nearly $900 million and 75,000 members served at 13 branches with more than 200 employees.
If approved, the new entity would continue operating under the Credit Union of Southern California name, and CU SoCal's current CEO Dave Gunderson would head up the new organization.
SWFCU CEO Laura Poore will remain with the new organization in an advisory capacity.
The combined credit union will serve members throughout Los Angeles and Orange counties, as well as parts of San Bernardino County. No employees will be laid off as a result of the merger.
SWFCU was chartered in 1937 to serve Sears Catalog employees and currently has a community charter covering Whittier, Santa Fe Springs, Le Habra Heights, Pico Rivera, Los Nietos and portions of La Mirada, as well as a number of SEGs.
With assets of $129 million, SWFCU currently serves 11,164 members, according to its most recent call report. The CU reported a loss of $89,956 in the first quarter of 2014 and a net worth ratio of 9.22 and a required risk-based net worth ratio of 7.13.
CU SoCal was chartered in 1954 as Whittier Area Schools FCU. It currently has $770 million in assets and 63,000 members in Orange County, San Gabriel Valley and cities around those two areas.
It posted net income of $1.6 million during the first quarter of this year, a net worth ratio of 13.11 and a required risk-based net worth of 6.14.
