BREA, Calif. – Credit Union of Southern California said this morning it has completed its third merger in just 63 days, an unprecedented pace in this era of merger-mania.
During the third quarter the credit union, chartered in 1954 as Whittier Area Schools FCU, acquired nearby Inland Empire CU in Pomona, North Orange County CU in Fullerton and Family 1 FCU in Placentia, pushing its assets from $575 million to $700 million and membership from 42,000 to almost 55,000.
“We knew that timeliness was a key factor for the partnering credit unions,” said Michelle Hunter, senior vice president for marketing and development for CU SoCal.
Integration of the four credit unions was facilitated because of the fact they have all worked together since 2007 in a CUSO, CU SoCal Partners LLC., which provides IT services to local credit unions.
Under the unusual combination, the staffs of all four credit unions will continue to be employed and all branches will remain open. David Gunderson, president of CU SoCal, will head the combined entity, while the CEOs of each of the smaller credit unions will work in senior executive positions.