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News Now

CU System
Calif. DFI OKs four mergers merger expected in Conn.
SACRAMENTO, Calif. (8/16/12)--The California Department of Financial Institutions (DFI) recently approved four mergers involving California credit unions, while two Connecticut credit unions indicated they would merge.

Bay Media FCU in San Francisco, with $13.2 million in assets, received approval to merge into the $741 million asset San Francisco Fire CU on June 21.   

The $24.5 million asset Family 1 FCU in Placentia merged into CU of Southern California, based in Whittier, Calif., with $552 million in assets. The merger was approved May 11 and became effective July 2.

Inland Empire CU, Pomona, with $38.5 million in assets, was approved to merge into CU of Southern California on June 16. The merger took effect July 2.

Santa Monica (Calif.) City Employees FCU, with $28.1 million in assets, received approval July 26 to merge into Southland CU, Los Alamitos, with $86.2 million in assets.

And in Connecticut, the $21.5 million asset Greater Norwalk (Conn.) Area CU is contemplating a merger with Mutual Security CU based in Norwalk, with $135 million in assets (thehour.com Aug. 9).


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