Press
Boards of two area credit unions agree to unite
BREA, CA (May 7, 2014) — The Boards of Directors of South Western Federal Credit Union (SWFCU) and Credit Union of Southern California (CU SoCal) have approved a partnership of the two organizations, pending approval by state and federal regulators as well as members of South Western Federal Credit Union. If approved, the new organization, which will operate as Credit Union of Southern California, will have combined assets of nearly $900 million, serve approximately 75,000 members with 13 branches, and more than 200 employees. Dave Gunderson, CU SoCal ’s President/CEO, will head the new organization. Laura Poore, SWFCU’s President/CEO, will remain with the new organization in an advisory capacity. The combined credit union will serve members throughout Los Angeles and Orange Counties as well as parts of San Bernardino County. All branches will remain open and staff will be offered a position in the new credit union.
“The Boards, management teams, and staff are enthusiastic about the enhanced benefits to the members of both credit unions that will result from this new entity,” Gunderson stated. “In planning for the future, both credit unions realized that a combined organization will bring greater strength and competitive advantages moving forward than either credit union had on its own today. CU SoCal and SWFCU are well capitalized with capital ratios above regulatory requirements and share a long history of providing exceptional value and service to members.”
“We are excited about this opportunity,” stated Poore. “SWFCU has always strived to be our members’ path to financial success. The combined deposit and capital base of a larger organization will give us the resources to compete more effectively and better serve our members, employees, and communities today and over the long term.”
About Credit Union of Southern California (CU SoCal)
Founded in 1954 as Whittier Area Schools Federal Credit Union, CU SoCal has a five-star financial rating from BauerFinancial, a nationally recognized independent bank research firm. Today, CU SoCal has more than $770 million in assets and is dedicated to Building Better Lives for its 63,000 Member-Owners through World-Class Service and convenience. Membership is open to those who live, work, worship, or attend school in Orange County, San Gabriel Valley, the cities connecting those geographic areas, as well as Chino, Chino Hills, Ontario, Pomona, and San Bernardino. For more information, visit www.CUSoCal.org.
About South Western Federal Credit Union (SWFCU)
South Western Federal Credit Union opened its doors in 1937 to help the employees who worked in the Sears Catalog Division obtain fairly priced financial products and services and build their personal wealth. Over the years, South Western Federal Credit Union has been helping its members reach their financial dreams. Today South Western Federal Credit Union is a full service, not-for-profit financial institution serving anyone who lives, works, attends school, or worships in Whittier, Santa Fe Springs, La Habra Heights, Pico Rivera, Los Nietos, and portions of La Mirada along with selected employer groups.