VENTURA COUNTY, Calif. — A merger of two California credit unions that would have created a CU of more than $1 billion in assets has been called off. Ventura County Credit Union and LA Financial Credit Union said that “after many discussions and much due diligence,” they have decided against their proposed merger.
It is the second proposed merger in the last several weeks to be scuttled.
In a statement, the two CUs said they are financially strong and stable and remain driven by doing what’s best for their respective members. VCCU and LAFCU said the talks ended amicably, with both parties confident in their mutual decision not to proceed with the merger.
As CUToday.info reported here, the two CUs announced plans to combine in August.
“The wonderful thing about credit unions is that we are all partners in our shared philosophy of people helping people,” said Joe Schroeder, VCCU president and CEO. “As we put this mission into action, sometimes it makes sense to combine our strengths and assets, and other times we find it’s best to continue operating independently. Although our merger discussions did not lead to a combined credit union, we wish LAFCU tremendous success.”
Added Carol Galizia, president and CEO of LAFCU, “Though we decided not to merge with VCCU at this time, we wish them the very best in the future. As independent financial institutions, we will still collaborate for the good of all we serve. Each credit union offers many unique strengths, and we will continue to share our expertise to help each other thrive.”
Had the two CUs merged as planned in 2020, it would have created a $1.3-billion credit union with approximately120,000 members. Plans had called for LAFCU, based in Pasadena, Calif., to be branded as LA Financial Credit Union, a division of VCCU.
As CUToday.info reported here, in late September Vibrant Credit Union in Illinois and Infinity FCU in Maine announced they were calling off their merger.