California Credit Union Announces Large Expansion

California Credit Union said Tuesday it has expanded its potential field of membership by millions through changes in its charter that add two new counties and allow it to serve all residents of Los Angeles County, where it is based.

The changes encompass three counties with about 12.7 million people in 2022 — nearly 4% of the U.S. population and a third of California’s.

Steve O’Connell, president/CEO of the $4.5 billion credit union based in Glendale, said the addition of the two counties and the conversion of Los Angeles to a community charter was a “significant strategic accomplishment.”

“We look ahead to future expansion and member acquisition with a cohesive service network across all of Southern California,” he said.

About 2% of its 168,191 members already live in the counties: 2,200 in San Bernardino and 1,400 in Ventura. It has about 83,200 members in Los Angeles. The credit union also has members in the San Diego area after it acquired North Island Credit Union in 2017, which has since operated under that name as a brand of California CU.

“With a number of members already living in these new counties, this field of membership expansion is a logical extension of our existing geographic footprint,” O’Connell said.

California CU has 13 branches in Los Angeles County and 11 locations in the San Diego and Riverside areas that fall under its North Island Credit Union brand.

The credit union is developing plans to open branches in San Bernardino and Ventura Counties. It is now conducting market research and looking at membership trends to determine where they’re needed.

In the meantime, members there will be served through its Virtual Branch, online and mobile banking, and various other technologies.

With this expansion, the credit union has extended its field of membership to all communities in six counties across Southern California. People can join if they work, worship, attend school or have a business in Los Angeles, San Bernardino, Ventura, Orange, Riverside or San Diego County. They can also join if they are school employee anywhere in California.

NCUA data showed San Bernardino had 68 credit union branches in March. Arrowhead Central Credit Union ($2.3 billion, 184,352 members) based in San Bernardino has the most branches in the county: 14.

Ventura County had 39 branches in March. Ventura County Credit Union ($1.3 billion, 73,786 members) had the most branches: Nine.

While San Bernardino and Ventura counties are smaller than Los Angeles County, Census data showed San Bernardino is growing faster and Ventura County is significantly wealthier. Census data also showed:

• San Bernardino County’s population grew 7.2% from 2010 to 2020, and another 0.5% to 2.2 million by July 2022.
• Los Angeles’ population was 9.7 million in July 2022. It grew 2% from 2010 to 2020, but fell 2.9% from 2020 to 2022. Ventura County’s population was 832,605 in July 2022. It grew 2.5% from 2010 to 2020, but fell 1.3% over the next two years.
• Minorities comprise about 75% of the population of Los Angeles and San Bernardino counties, and 57% of Ventura’s.
• About 34% of adults ages 25 and up have a bachelor’s degree in Los Angeles and Ventura counties, and 22% in San Bernardino.
• Household income in 2021 exceeded the U.S. median of $69,021 in each county. It was $94,150 in Ventura County, $76,367 in Los Angeles and $70,287 in Ventura.
• Poverty rates were 14% in Los Angeles, 13% in San Bernardino and 9% in Ventura. The U.S. rate is 11.6%.