LOS ANGELES–Los Angeles Federal Credit Union (LAFCU) is celebrating the milestone of reaching $1 billion in assets during the first quarter of 2019.
“This historic achievement was celebrated by LAFCU Board members, management, and staff who are dedicated to offering a range of products and services, many account access options, and excellent member service,” the credit union said. “It is also a testament to LAFCU’s vision statement: To Be Our Members’ First Choice For Financial Services.”
Formed in 1936 by 13 City of Los Angeles employees as a means of giving fellow city employees a safe, low-cost, and convenient source to borrow and save money during the height of the Great Depression, they pooled $65 in resources and formed the Los Angeles City Employees Federal Credit Union. In 1987, the name changed to Los Angeles Federal Credit Union to reflect a growing field of membership, which started to include immediate family members of City employees and individuals who lived in the same household as a current member.
In 2006 LAFCU expanded its field of membership further to include residents living in most counties of Southern California by establishing the Los Angeles Charitable Association, Inc. (LACA), a 501(c)3 nonprofit charity that donates and supports charities throughout the greater Los Angeles area.
Now, 83 years after its initial deposit of $65, LAFCU reported it manages a billion dollars in assets, has 67,000 members, staffs seven branches, and its members can access a nationwide network of 30,000 CO-OP ATMs and 5,000 shared branches. The credit union further said under the leadership of President/CEO Richard Lie, LAFCU has seen its capital safety levels, quality of loan portfolio, and financial performance strengthen and reaching this auspicious milestone is just the beginning.