ARCADIA, Calif.—Two Southern California credit unions are planning to merge.
The $556-million LA Financial Credit Union here is asking its members to vote by January 22 on a proposed merger with $3.4-billion Credit Union of Southern California, based in Anaheim.
“We have received regulatory approval to pursue a merger with CU SoCal. The next step is to cast your vote by January 22, 2025, to move forward with this partnership. Ballots have been mailed with instructions. We are confident this unification will lead to a brighter future for our membership and teams,” LA Financial stated in a message to members on its website.
“LA Financial Credit Union remains steadfast in its mission to provide excellent service while bringing you and your family the highest possible value for your membership. Our commitment to this mission is unwavering…Together, LA Financial and CU SoCal will provide you with the exceptional personal service you’ve come to expect, add even greater conveniences, and offer a more comprehensive portfolio of financial products to serve you better today and in the future,” LA Financial stated.
LA Financial noted the combination will give its members access to 21 additional branches.
CU SoCal made $29.6 million in net income through September of this year. Net worth stands at 10.31%, according to Call Report data. LA Financial made $571,684 in net income through September of 2024. Net worth is 8.61%