Drone view of downtown Los Angeles,CA. Credit: Newport Coast Media/Adobe Stock
LA Financial Federal Credit Union is asking its members to approve its proposed merger with the Credit Union of Southern California in Anaheim.
Based on third quarter NCUA financial performance reports for both credit unions, the combined organization would manage $3.9 billion in assets, $2 billion in loans with a workforce of 479 employees that would operate 26 branches and serve more than 178,000 members across Los Angeles, Orange, Riverside and San Bernardino counties.
“The board of directors has concluded that the proposed merger is desirable and in the best interests of members because it allows for a consolidation of energies and resources of the two credit unions to better serve the members in a competitive and secure environment,” the board said in its merger documents filed with the NCUA.
A special membership meeting to vote on the proposed consolidation has been scheduled for Jan. 22 at 6 p.m. at the Madera Room North at the Double Tree Hotel in Monrovia.
If the merger is approved by LA Financial members, CU SoCal’s President/CEO Dave Gunderson would continue in his leadership role of the combined organization and LA Financial President/CEO, Carol Galizia, would serve as CU SoCal’s chief of strategic initiatives.
Post consolidation, two current LA Financial board member would have the opportunity to serve on CU SoCal’s board of directors. In addition, one current LA Financial board member would have the opportunity to serve on CU SoCal’s corporate advisory board and one of LA Financial supervisory committee would have the opportunity to serve on CU SoCal’s corporate advisory supervisory committee. For all remaining LA Financial board members and supervisory committee members, CU SoCal would create an advisory board to assist CU SoCal with post-merger and integration related issues, according to LA Financial’s merger documents.
Although LA Financial’s merger related financial arrangements do not disclose the financial terms for Galizia and her new five-year employment agreement with CU SoCal, the merger related financial arrangements have been disclosed for LA Financial’s other top four senior executives.
Greg Seltzer, LA Financial chief lending officer and operations officer, would be eligible to receive a maximum potential amount of $472,500, before taxes, as long as he remains in good standing and continues to work at CU SoCal for 12 months following the system integration of the credit unions. Seltzer would continue to be employed on an “at-will” basis in a senior vice president position in the lending division of CU SoCal at his current rate of pay as of the merger date, according to the merger documents.
Armando Estrada, LA Financial’s chief information officer, would be eligible to receive a maximum potential amount of $332,367, before taxes, provided Estrada remains in good standing and continues his employment at CU SoCal for 12 months following the system integration of the credit unions. Estrada would continue to be employed on an “at-will” basis in a vice president position in the IT Division of CU SoCal at his current rate of pay as of the merger date.
Chiasia Moua, LA Financial’s chief experience officer, would be eligible to receive a maximum potential amount of $117,877, as long as she remains in good standing and continues to work at CU SoCal 12 months following the system integration of the credit unions. Moua would continue to be employed on an "at-will" basis in a vice president position in the IT division of CU SoCal at her current rate of pay as of the merger date.
Dexter De Mesa, LA Financial’s vice president of business services, would be eligible to receive a maximum potential amount of $115,002, if he remains in good standing and continues to work at CU SoCal 12 months following the system integration of the credit unions. De Mesa would continue to be employed on an "at-will" basis in a vice president position in the lending division of CU SoCal at his current rate of pay as of the merger date.
At the end of the third quarter, the average annualized salary and benefit of an LA Financial employee was $119,121, compared to peer average of $102,898, according to NCUA financial performance reports.
“Both boards of directors firmly believe that retaining LA Financial's senior executive team will greatly benefit the members of the combined credit union. These executives bring valuable experience, skills, and talents that are vital to the success of our unified organization, and they will take on key leadership roles post-merger,” LA Financial said in its merger documents. “Furthermore, the boards see these executives as essential to ensuring a smooth and successful integration, while continuing to represent the interests of LA Financial members throughout the process. Retaining these leaders is crucial for a seamless transition and maintaining the high level of service our members expect. Therefore, upon completion of the merger, the senior leadership will be eligible for compensation arrangements that are both fair and standard within the financial services industry.”
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