VENTURA COUNTY, Calif. — Ventura County Credit Union here and LA Financial Credit Union announced they plan to merge.
The merger is on track to be finalized in early 2020, and once it’s complete, the combined credit union will become a $1.3 billion financial institution serving approximately 120,000 members, the CUs stated in a joint release.
Once the merger is complete, LAFCU, based in Pasadena, Calif., will be branded as LA Financial Credit Union, a division of VCCU. Havasu Community Credit Union will also be branded as a division of VCCU.
To maintain its connection to the communities it serves, VCCU will have community development staff in both LA County and Ventura County, VCCU stated.
“LAFCU is very excited to become a part of VCCU,” said Carol Galizia, president and CEO of LAFCU. “This merger will allow us to continue offering members the exceptional service they have come to trust from LAFCU, while also providing improved capabilities, better rates, new technologies and greater convenience.”
Joe Schroeder, president and CEO of VCCU, will remain in his position, and Galizia will assume the role of chief operating officer. The headquarters will remain in Ventura, with an operations center in Pasadena, the CU stated.
“We look forward to welcoming LAFCU to our family,” Schroeder said. “By combining our assets and expertise with LAFCU’s, we are able to better serve our current and future members, offer greater opportunities for our employees, and continue to expand our community involvement. It’s a combination where everyone wins.”
Before the merger is official, regulatory approval is needed and LAFCU members have to vote on the merger. The member vote is expected to take place later this year, the credit unions explained.