CU of Southern California Adding North Orange County CU in Third Merger
Marking its third merger bid since May, the $545 million Credit Union of Southern California is extending its Los Angeles area footprint this week as it seeks to broaden member services.
CUSC of Brea said the planned addition of the $60 million, 4,100-member North Orange County CU of Fullerton would bring CUSC assets to $670 million in 2012 after two other pending California mergers win final member and regulatory approval.
CUSC has now won regulatory clearance from the California Department of Financial Institutions for the $40 million Inland Empire CU of Pomona and is awaiting approval on the $24 million Family 1 CU of Placentia.
“Our partnership with all three healthy credit unions does reflect a well thought-out plan that has not been taken lightly,” said Dave Gunderson, president/CEO, stressing the common service cultures of the combined organization which would have 10 branches and more than 50,000 members.
Gunderson said CU of Southern California has maintained a networking relationship with all three CUs as merger discussions began earlier in the year. The trio with overlapping field of membership had sought out the Brea CU based on the need to add new products and services.
Gunderson said there are no immediate plans to add more CUs “since we want to concentrate now on completing these three” still subject to final NCUA approval.