Ventura, Calif.-based Ventura County CU and Pasadena, Calif.-based LA Financial FCU plan to merge, forming a $1.3 billion financial institution serving approximately 120,000 members.
The merger is expected to be finalized in early 2020, subject to regulatory approval and the approval of LA Financial FCU members. The member vote is expected to take place later this year.
Once the merger is complete, LA Financial FCU will be rebranded as LA Financial CU, a division of Ventura County CU. Arizona-based Havasu Community CU, a division of LA Financial FCU, will also be branded as a division of Ventura County CU upon completion of the merger.
The headquarters of the combined organization will be in Ventura, with an operations center in Pasadena.
Joe Schroeder, president and CEO of Ventura County CU, will remain in his leadership position. Carol Galizia, president and CEO of LA Financial FCU, will become COO of the combined organization.
Ventura County CU has more than $800 million in total assets, while LA Financial FCU has over $400 million in assets, according to a news release.