ANAHEIM HILLS, Calif.–Two California credit unions have announced plans to merge.
The $2.1-billion Credit Union of Southern California said it has merged in the $12.4-million Federal Employees West FCU, based in Los Angeles, effective July 1.
The 1,483-member FEWFCU reported a loss of $18,594 in Q1 and is undercapitalized at 5.52%. CU SoCal reported net income of $6.1 million and capital of 11.41% as of March 30. It has more than 124,000 members.
As part of the merger, all associates employed by FEW FCU will continue their roles under CU SoCal.
“FEW FCU shares our vision of giving back to the community and treating its Members and team members like family,” said CU SoCal CEO Dave Gunderson. “This partnership will provide resources necessary to continue fulfilling that vision while enhancing the experience of our members and team members.”