The $16.8 million 1,911-member Firestone Financial Services Credit Union in Anaheim, Calif., has merged with the $723 million, 56,104-member Credit Union of Southern California in Brea, Calif.
Like many small credit unions, Firestone FSCU was struggling financially with declining loan, fee and investment income over the past five years. Though it posted a net income gain of $31,206 in 2011, it had net income losses of $77,773 in 2008, $475,117 in 2009, $137,222 in 2010 and $254,334 in 2012, according to Callahan & Associates.
Firestone's sole branch has remained opened and its employees also now work for CUSC, including Firestone FSCU President/CEO Lori Lyons, who has remained with CUSC as a branch manager.
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"This merger created tremendous opportunities for members and employees," said Lyons in a prepared statement. "With this partnership, we are able to remain committed to the high level of service our membership deserves while simultaneously offering them greater convenience and more innovative products and services."
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
