SANTA ANA and WHITTIER, Calif. — Orange County's Credit Union and Credit Union of Southern California have agreed to discontinue merger negotiations a little over a month after discussions began.
In a brief statement released Dec. 21, the board of directors of the $827 million OCCU and $484 million CU SoCal said they have halted any further merger discussions. Both had announced in mid-November last year that preliminary discussions were taking place, but that "much due diligence" was needed before a definitive agreement could be reached.
A spokeswoman at CU SoCal said she could not provide any further details on why negotiations had come to an end.
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At the time of the preliminary discussions in November, Paul Moore, chairman of CU SoCal, said the credit union was "excited" about the benefits the merger could bring to the combined membership including an expanded branch network and wider product offerings.
OCCU serves more than 80,000 members while CU SoCal serves more than 41,000 members.
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