Press
South Western Federal Credit Union members approve merger with Credit Union of Southern California
BREA AND LA HABRA, CA (August 7, 2014) — On July 29, 2014, Members of South Western Federal Credit Union (SWFCU) voted overwhelmingly in favor of merging into Credit Union of Southern California (CU SoCal). This merger will create a credit union with nearly $900 million in assets, 13 branch locations, and will serve more than 70,000 Members throughout Orange County, Los Angeles County, as well as the cities of Chino, Chino Hills, Ontario, and San Bernardino. The credit unions will be integrated on October 1, 2014.
SWFCU and CU SoCal share a long and rich history of making a positive difference in the lives of their Members. Through this merger, that legacy will continue. Former SWFCU Members will enjoy greater convenience and a broader portfolio of products and services including eleven additional branch locations, 2nd chance mortgage loans, investment services, and commercial lending.
CU SoCal President/CEO Dave Gunderson will remain President/CEO of the newly combined organization, which will retain the CU SoCal name. SWFCU CEO, Laura Poore, will serve the combined organization in an advisory capacity. All branches will remain open, and all employees of CU SoCal and SWFCU will continue to be employed following the merger.
“CU SoCal is an outstanding organization, and we couldn’t be more excited about a shared future,” stated Poore. “This partnership brings our Members many immediate benefits including access to longer Member service hours and expanded product offerings—with the same friendly, personalized and efficient service we’ve had for 77 years. In addition, this partnership also creates a bright future for all employees.”
Likewise, Gunderson shared, “Culture is a critical component to the success of any partnership. We both share a commitment to building better lives for our Members, employees, and residents in the communities we serve. A combined credit union will allow us to strengthen our commitment and provide more opportunities for the Members and employees of both credit unions.”
About Credit Union of Southern California (CU SoCal)
Founded in 1954 as Whittier Area Schools Federal Credit Union, CU SoCal (CUSoCal.org) has a five-star financial rating from BauerFinancial, a nationally recognized independent research firm. Today, CU SoCal has more than $780 million in assets and is dedicated to providing its more than 63,000 Member-Owners with World-Class Service, competitive products, and convenience. Membership is available to those who live, work, attend school or worship in Orange County, Los Angeles County, as well as the cities of Chino, Chino Hills, Ontario, and San Bernardino.
About South Western Federal Credit Union
South Western Federal Credit Union was established in 1937 help the employees who worked in the Sears Catalog Division obtain fairly priced financial products and services and build their personal wealth. Over the years, South Western Federal Credit Union has been helping its members reach their financial dreams. Today we are a full-service, not-for-profit financial institution serving anyone who lives, works, attends school, or worships in Whittier, Santa Fe Springs, La Habra Heights, Pico Rivera, Los Nietos, and portions of La Mirada along with selected employer groups.