FOR IMMEDIATE RELEASE
Ventura County Credit Union and LA Financial Credit Union Announce Plans to Merge
Community-based, not-for-profit financial institutions discussing potential merger
VENTURA COUNTY, Calif. (Aug. 15, 2019) — Ventura County Credit Union (VCCU) and LA Financial Credit Union (LAFCU) announced today plans to merge. The merger is on track to be finalized in early 2020, and once it’s complete, the combined credit union will become a $1.3 billion financial institution serving approximately 120,000 members.
Once the merger is complete, LAFCU will be branded as LA Financial Credit Union, a division of VCCU. Havasu Community Credit Union will also be branded as a division of VCCU.
Following the merger, all branches of each credit union will remain open. This will provide a total of 12 locations, including eight in Ventura County, three in Los Angeles County and one in Lake Havasu, Arizona. To maintain its connection to the communities it serves, VCCU will have community development staff in both LA County and Ventura County.
“LAFCU is very excited to become a part of VCCU,” said Carol Galizia, president and CEO of LAFCU. “This merger will allow us to continue offering members the exceptional service they have come to trust from LAFCU, while also providing improved capabilities, better rates, new technologies and greater convenience.”
Joe Schroeder, president and CEO of VCCU, will remain in his leadership position, and Galizia will assume the role of chief operating officer. The headquarters will remain in Ventura, with an operations center in Pasadena.
“We look forward to welcoming LAFCU to our family,” Schroeder said. “By combining our assets and expertise with LAFCU’s, we are able to better serve our current and future members, offer greater opportunities for our employees, and continue to expand our community involvement. It’s a combination where everyone wins.”
Before the merger is official, regulatory approval is needed and LAFCU members have to vote on the merger. The member vote is expected to take place later this year.
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 $800 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.