The members of Star Harbor Federal Credit Union, a $14 million institution based in Rancho Dominguez, Calif., have approved a proposal to merge the credit union with the $1.3 billion Financial Partners Credit Union of Downey, Calif.
Rancho Dominguez is located about 10 miles southwest of Downey.
Financial Partners said Star Harbor sought the merger to “better serve” its 3,000 members. With the “increasing costs of regulatory requirements and advances in technology escalating,” Star Harbor was “finding it difficult” to deliver the products and services its members needed, Financial Partners added.
The new Financial Partners branch in Rancho Dominguez is now managed by former Star Harbor employee, Lorena Flores. According to NCUA data, Flores formerly CEO of Star Harbor.
“We are excited to welcome our new members into the Financial Partners family,” Nader Moghaddam, president and CEO of Financial Partners, said in a statement. “We are able to offer them immediate access to an expanded array of products, services and digital conveniences including mobile banking, competitive mortgage lending and retirement planning.”
According to call reports, Star Harbor posted a net income of about $155,000 in 2016, after recording a loss of about $56,000 the prior year. Meanwhile, Financial Partners posted net income of about $10 million in 2016, up from about $4.5 million in 2015.