DOWNEY, Calif. — Southland Savings Federal Credit Union, Buena Park, Calif., will merge into $935 million Financial Partners CU effective Monday, the two CUs said.
Members of $7 million Southland Savings FCU approved the merger at a special meeting on May 14. The credit union has approximately 1,000 members.
"We are excited about this wonderful partnership," David Kantar, CEO of Southland Savings FCU, said in a statement. "By joining a forward-thinking organization such as Financial Partners, our members will enjoy an exceptional service experience and significantly greater convenience. Members also will have access to an expanded branch network, outstanding electronic services including mobile banking, and much broader service offerings such as financial planning, insurance and business lending."
After the merger, Kantar and his staff will join the Financial Partners team, the two CUs said.
"We are pleased to welcome Southland Savings members to our credit union family," said Nader Moghaddam, president and CEO of Financial Partners CU. "Our vision is to build lifetime financial partnerships, and we look forward to helping our newest members achieve their financial dreams."
Southland Savings FCU reported a loss of $14,348 for the first quarter of 2015. Its net worth ratio as of March 31 was 7.14% ("well capitalized"). The credit union has run red ink for several consecutive years, although its net worth ratio stayed in the "well capitalized" range. The last year it was profitable was 2008, when it had $2,101 in net income. It did eke out a tiny profit of $226 in 2010, but that was wiped out by the CU's $21,344 payment to the Temporary Corporate CU Stabilization fund plus $32,152 paid into the National CU Share Insurance Fund.
In its March 2015 call report, Financial Partners CU listed $992,494 in net income for the first quarter. Its net worth ratio as of March 31 was 9.38% ("well capitalized"). It reported more than $4.5 million in net income for 2014.
Financial Partners is one of Southern California's largest credit unions. Membership is open to anyone who lives, works, worships, or attends schools in Orange County, most cities in Los Angeles County, or is employed in the healthcare industry, or is an active or retired member of the Uniformed Services in San Diego County. Branches are located in Brea, Downey (two locations), Huntington Beach, Orange (two locations), San Diego (three locations), and Woodland Hills.
