Press

BREA AND ANAHEIM, CA (October 20, 2014) — On September 25, 2014, Members of Interstate Federal Credit Union (IFCU) voted overwhelmingly in favor of merging into Credit Union of Southern California (CU SoCal). This merger will create a credit union with approximately $920 million in assets, 14 branch locations, and will serve more than 77,000 Members throughout Orange County and Los Angeles County. The credit unions will be integrated on December 1, 2014.

IFCU and CU SoCal share a long and rich history of making a positive difference in the lives of their Members. Through this merger, that legacy will continue. Former IFCU Members will enjoy many additional products and services including Saturday hours at several branches and in the phone center, extended weekday branch and phone hours, access to more than 5,000 shared branches, 2,000 self-service locations, and 30,000 ATMs through the CO-OP network, free Mobile Banking and Remote Deposit Capture, as well as certificates of deposit, jumbo mortgage loans, business loans, and a wide spectrum of investment services.

CU SoCal President/CEO Dave Gunderson will remain President/CEO of the newly combined organization, which will retain the CU SoCal name. Interstate FCU CEO, Dede Menhadji, will serve the combined organization as branch manager at the current IFCU location. All branches will remain open, and all employees of CU SoCal and IFCU will continue to be employed following the merger.

“CU SoCal is an outstanding organization, and we couldn’t be more excited about a shared future,” stated Menhadji. “This partnership brings our Members many immediate benefits including access to longer Member service hours and expanded product offerings—with the same friendly, personalized and efficient service we’ve had for 53 years. In addition, this partnership also creates a bright future for all employees.”

Likewise, Gunderson shared, “Culture is a critical component to the success of any partnership. We both share a commitment to building better lives for our Members, employees, and residents in the communities we serve. A combined credit union will allow us to strengthen our commitment and provide more opportunities for the Members and employees of both credit unions.”

About Credit Union of Southern California (CU SoCal)
Founded in 1954 as Whittier Area Schools Federal Credit Union, CU SoCal (CUSoCal.org) has a five-star financial rating from BauerFinancial, a nationally recognized independent research firm. Today, CU SoCal has approximately $920 million in assets and is dedicated to providing its more than 74,000 Member-Owners with World-Class Service, competitive products, and convenience. Membership is available to those who live, work, attend school or worship in Orange County, Los Angeles County, as well as Chino, Chino Hills, Ontario, Pomona, and San Bernardino.

About Interstate Federal Credit Union (IFCU)
Interstate Federal Credit Union was organized on April 22, 1962 to serve the employees of Interstate Electronics who work in Anaheim, California. Today, IFCU is a full-service $19 million credit union also serving the employees of Anaheim Memorial Medical Center, Goodyear Tire stores, Conoco Phillips in Wilmington, Weyerhauser Paper, and numerous other small employer groups.