California CUs Announce Merger Plans
Credit Union of Southern California and Inland Empire Credit Union have announced plans to merge.
The $600 million CU SoCal, based in Whittier, and the $39.5 million IECU of Pomona, Calif., would together form a credit union with eight branches and 19 ATMs.
“While both credit unions are financially sound and doing well today, we know that together we can create a new organization that will be strategically positioned to grow and bring our members even more value and greater convenience over the long term,” said Dave Gunderson, SoCal president/CEO.
If the merger gets approval from state and federal regulators and from IECU members, Gunderson will become president/CEO of the new credit union, while IECU President/CEO Rick Hoffman will become vice president of legislative affairs and business development.
The combined organization would keep the name of Credit Union of Southern California and would serve 50,000 members in the Los Angeles, San Bernardino and Orange County areas, the credit unions said in a statement.