Credit unions in California and Ohio have recently completed mergers, while credit unions in Minnesota said they anticipate finalizing their consolidation in October 2025.
Credit Union of Southern California (CU SoCal) announced Wednesday it finalized its merger with LA Financial Federal Credit Union, which included Havasu Community Credit Union — a division of LA Financial. LA Financial will become CU SoCal, while Havasu Community will retain its name as a division of CU SoCal, according to a prepared statement.
Recommended For You
The unified organization’s 484 employees will manage $3.4 billion in assets, $2 billion in loans and 25 locations serving nearly 179,000 members. CU SoCal President/CEO Dave Gunderson will remain in his role, and former LA Financial President/CEO Carol Galizia will serve as chief of strategic initiatives. LA Financial employees will be offered positions.
CU Times reported merger-related financial details for LA Financial on Dec. 10, 2024.
"This partnership is about more than combining two financially strong credit unions; it's about creating something truly special," Gunderson said in a prepared statement. "With expanded resources, we can offer more affordable financial services, lower rates and greater support to drive meaningful change in our pursuit to build better lives."
In Ohio, the $122 million DayMet Credit Union in Dayton announced Wednesday it has merged with the $10.7 million Atrium Credit Union in Middletown. Atrium will operate as a division of DayMet, according to a joint statement.
The combined institution will manage over $133 million in assets and $104 million in loans, operating three locations, serving more than 8,400 members across the Miami Valley.
“By joining forces, we’re ensuring long-term stability, increasing operational efficiencies, and enhancing the products and services available to all members,” DayMet President/CEO Steven Shore said in a statement.
No jobs will be eliminated because of the merger.
“We are excited about the opportunities this merger will bring to our members and employees,” Atrium President/CEO Cindy Cottongim said.
“We are bringing two strong credit unions together that share the philosophy of People Helping People. Together, we can continue to do great things for our members and communities.”
ASI, based in Dublin, Ohio, insures DayMet.
On Tuesday, members of the $27.4 million City and County Employees Federal Credit Union in Albert Lea, Minn., approved its merger with the $4.5 billion Affinity Plus Federal Credit Union in St. Paul.
The consolidation is expected to close Oct. 1, according to a prepared statement.
City and County Employees FCU (CCEFCU), with five employees and one branch, serves 1,700 members. Affinity Plus is offering CCEFCU staff a 10% retention bonus.
Brady Jones, president/CEO of CCEFCU for more than 20 years, will become branch manager. Per current policy, Jones may receive a cash payout of up to $19,920 for accrued sick time and a retention bonus not to exceed $8,633, according to NCUA-filed merger documents.
“This merger not only expands our reach but deepens our commitment to delivering the personal, member-focused service that sets us apart,” Affinity Plus President/CEO Dave Larson said in a statement. “We’re excited about the Albert Lea community and look forward to building strong relationships by supporting local efforts, contributing to growth and being there for our members every step of the way.”
Peter Strozniak can be reached at [email protected].
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
