LOS ALAMITOS, Calif.–Two California credit unions have announced plans to merge.
The $1.15-billion Southland Credit Union in Los Alamitos and the $72-million Allied Healthcare FCU in Long Beach said they plan to combine.
The merger still requires a vote of Allied Healthcare FCU’s membership, but if approved would be effective May 1, the credit unions said.
“Both Southland and Allied Healthcare share the common goal of empowering our Members to achieve their financial goals,” said Bradley Silcox, board chair for Southland Credit Union. “This merger is a perfect fit as both credit unions have a shared history serving healthcare employees.”
Added AHFCU Board Chair Larry Matejka, “This merger will result in a wider variety of competitive services, products and conveniences. Beyond these immediate benefits, this merger will combine two established organizations that share similar values and a commitment to their members, people and culture.”
Branches to Remain Open
All Allied Healthcare FCU staff and branches will be retained. SCU President and CEO will continue to oversee the merged credit union, which have more than 70,000 members.
Southland reported $4 million in net income at year-end 2023, with capital of 8.77%. AHFCU has approximately 5,000 members and had year-end net income of $826,513 and net worth of 11.6%.
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