Credit Union of Southern California has announced that it has completed mergers with three smaller, local credit unions in a 63-day span.
Merging into the Brea, Calif.-based institution are Inland Empire Credit Union, North Orange County Credit Union and Family 1 Federal Credit Union.
"All three were well-capitalized institutions. They decided they wanted to merge with us because they wanted to offer more services to their members," said Dave Gunderson, CEO of Credit Union of Southern California, in an interview. "One did not offer home banking. None had Saturday hours. We offer all of that and more."
|Gunderson stressed that all staff were retained in the mergers. "After the merger, operationally we gain economies of scale. We will have greater efficiencies. And some employees will leave by their own choice."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
