L.A. CUs on Merger Path
Two southern California credit unions, Southland in Los Alamitos and Financial Partners in Downey, are looking to merge two smaller CUs into them.
The $430 million Southland said it has filed with state and federal regulatory agencies to merge with the $49 million Cityside FCU of Los Angeles, which lost $1.4 million in 2008, much of it in the investment area.
And the $707 million Financial Partners CU said it completed a merger last month with the $16 million Pacific Coast CU of Costa Mesa.
A Southland spokesman said Cityside and Southland share a common membership and branch operation, "which makes this a good fit." Cityside reported a $547,000 loss in the first quarter.