The $364 million First City Credit Union of Los Angeles is merging the $91 million Focus One Community CU of Monrovia effective next Monday.
In a formal statement, First City said the consolidation has received both regulatory and member approval creating a CU with 55,000 members, nine branches and 17 proprietary ATMs throughout Los Angeles County.
The surviving CU will retain the First City name and "have reserves that stand at over 11%, a measurement of strength that is well above national averages and significantly above regulatory requirements."
First City President Terry O'Steen will continue as CEO of the combined CU headquartered in downtown Los Angeles.
Both credit unions were founded in the 1930s to serve Los Angeles County employees. Focus One serves Los Angeles County/USC Medical Center. First City serves the LA County Sheriff's Department, Department of Children and Family Services, Department of Public Social Services, and several other county departments. Both credit unions, a release said, also serve other companies and organizations, and are open to communities throughout the area.
"As two LA County employee credit unions, we are well matched in terms of values and cultures," O'Steen said. "The folks at Focus One called this a 'perfect fit,' and we feel the same."
First City said it expects it will "take a few months to complete the conversion of the Focus One data processing system to First City's."