FOR IMMEDIATE RELEASE
Ventura County Credit Union and LA Financial Credit Union decide against merger
Financial institutions agree to remain separate entities
VENTURA COUNTY, Calif. (Oct. 11, 2019) — After many discussions and much due diligence, Ventura County Credit Union (VCCU) and LA Financial Credit Union (LAFCU) decided against their proposed merger.
Both credit unions are financially strong and stable with their current structures —and driven by a goal of doing what is best for their respective members, employees and communities, the two financial institutions decided it would be best to remain separate entities. The talks ended amicably, with both parties confident in their mutual decision not to proceed with the merger.
“The wonderful thing about credit unions is that we are all partners in our shared philosophy of people helping people,” said Joe Schroeder, VCCU president and CEO. “As we put this mission into action, sometimes it makes sense to combine our strengths and assets, and other times we find it’s best to continue operating independently. Although our merger discussions did not lead to a combined credit union, we wish LAFCU tremendous success.”
“Though we decided not to merge with VCCU at this time, we wish them the very best in the future, said Carol Galizia, president and CEO of LAFCU. “As independent financial institutions, we will still collaborate for the good of all we serve. Each credit union offers many unique strengths, and we will continue to share our expertise to help each other thrive.”
No changes are anticipated at either credit union as a result of the decision not to merge. All current VCCU and LAFCU branches will remain open and continue to provide the same services they always have for members.
ABOUT VENTURA COUNTY CREDIT UNION
Ventura County Credit Union was chartered in 1950. It is the largest credit union headquartered in Ventura County, with eight offices, more than 80,000 members and more than $900 million in total assets. VCCU offers a complete line of loans, federally insured savings, 24-hour electronic access services and more. Call 1-800-339-0496 or visit https://www.vccuonline.net for more information.
ABOUT LA FINANCIAL CREDIT UNION
LA Financial Credit Union was founded in 1937. Headquartered in Pasadena, California, LAFCU serves the community of LA County with a full range of financial products and services, including auto and personal loans, mortgages, and checking and savings accounts. LAFCU’s division of Havasu Community Credit Union serves Lake Havasu City, Arizona. LAFCU has 29,000 members and more than $400 million in total assets. Membership is open to anyone who lives, works, worships or attends school in LA County or Lake Havasu City, Arizona. For more information, call 1-800-894-1200 or visit https://www.lafinancial.org.