Southland Credit Union

Southland Credit Union is a not-for-profit community-chartered credit union in California serving the residents of Orange County, the Gateway Cities of Los Angeles County and the communities of Downtown Los Angeles and Santa Monica. Membership to Southland Credit Union is also available to employees of approximately 300 Select Employer Groups (SEG). As of December 2016, Southland Credit Union reported its assets exceed $725 million and are serving over 60,000 Members.

Southland Credit Union
TypeCredit union
Founded1936
HeadquartersLos Alamitos, California, United States
Number of locations
8 Branches
Area served
Orange County, Gateway Cities, Santa Monica, and Downtown Los Angeles
Total assets$725m USD (2016)
Websitesouthlandcu.org

History
  • 1936 - Southland Credit Union established to serve the employees of the Los Angeles County Flood Control District with seven volunteers.
  • 1944 - State charter granted; name is changed to "Los Angeles County Civic Center Credit Union."
  • 1981 - Corporate office moved from Los Angeles to Downey.
  • 1989 - Merged with Auto Pro Federal Credit Union, South Coast Medical Center Federal Credit Union and Mobilehome Owners Federal Credit Union
  • 1991 - Merged with Graphic Arts Credit Union.
  • 1994 - Name changed to "Southland Civic Federal Credit Union" and the Credit Union received a federal charter. Merged with Los Angeles County Bar Association Credit Union.
  • 1991 - Merged with Saints Federal Credit Union.
  • 1996 - Merged with Sunrise First Federal Credit Union, which served the employees of Simpson Paper Company.
  • 1999 - Converted back to a state charter with a name changed to "Southland Civic Credit Union" and completed a merger with Los Angeles Internal Revenue Service Employees Federal Credit Union.[1]
  • 2001 - Merged with FAMCO Federal Credit Union, which served the employees of AMERON, now National Oilwell Varco.[2]
  • 2002 - Name changed to "Southland Credit Union" and corporate office is moved to Los Alamitos.
  • 2009 - Merged with Cityside Federal Credit Union, formally the Los Angeles Times Federal Credit Union.[3]
  • 2011 - Acquired the Garden Grove branch of Fullerton Community Bank.[4]
  • 2012 - Merged with Santa Monica City Employees Federal Credit Union.[5]
  • 2014 - Merged with Westside Employees Federal Credit Union, which served the employees of Saint John's Health Center in Santa Monica and merged with Patriots Federal Credit Union in Tustin, which served legacy military personnel stationed at Marine Corps Air Station El Toro.[6]
  • 2017 - Merged with Harbor Federal Credit Union, which served the employees of Harbor–UCLA Medical Center in Carson.[7]

Community charter

Southland Credit Union's community charter allows for Membership to residents and individuals, who work, worship or attend school in the following communities:

Select Employer Groups

Membership with Southland Credit Union is available to employees of approximately 300 Select Employer Groups (SEG), including:

Performance

Texas Ratio
As of December 31, 2013 Southland Credit Union had $5.91 million in non-current loans and owned real-estate with $61.02 million in equity and loan loss allowances on hand to cover it. This gives Southland Credit Union a Texas ratio of 9.68% which is rated Grade A. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend
The Texas Ratio for Southland Credit Union decreased slightly from 12.72% as of December 31, 2012 to 9.68% as of December 31, 2013, resulting in a positive change of 23.89%.This indicates that the balance sheet and financial strength for Southland Credit Union has improved slightly in recent periods.

Deposit Growth
In the past year, Southland Credit Union has increased its total deposits by $327,000, resulting in 0.08% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Southland Credit Union has shown is above average.

Capitalization
The Federal Deposit Insurance Corporation and the National Credit Union Administration consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Southland Credit Union has $481.02 million in assets with $61.02 million in equity, resulting in a capitalization level of 12.69%, which is rated "A+".[8]

Products and services

Southland Credit Union offers:

  • Checking & Savings Accounts
  • Vehicle Loans
  • Personal Loans
  • Credit Cards
  • Home Loans
  • Home Equity Lines of Credit
  • Investment Services
  • Insurance Services
  • Retirement Planning
  • Business Services

References
  1. "1999 Annual Report" (PDF). California Department of Financial Institutions. Dec 1999. Retrieved 4 May 2014.
  2. "Monthly Bulletin, August 2001". California Department of Financial Institutions. Aug 2001. Retrieved 30 May 2014.
  3. Rubenstein, Jim (May 8, 2009). "L.A. CUs on Merger Path". cutimes.com. Retrieved 30 May 2014.
  4. Henderson, Shelley (Nov 20, 2011). "Southland Credit Union opens new office at Garden Grove civic center". oc-breeze.com. Retrieved 30 May 2014.
  5. Greenberg, Eddie (Sep 18, 2012). "Santa Monica Credit Union Merging With Southland Credit Union". santamonica.patch.com. Retrieved 30 May 2014.
  6. "Monthly Bulletin, January 2014" (PDF). California Department of Business Oversight. Jan 2014. Retrieved 22 Oct 2014.
  7. "Southland CU, Harbor FCU Announce Merger Plan". Credit Union Journal. Aug 2016. Retrieved 29 Dec 2016.
  8. "DepositAccounts.com". DepositAccounts.com. Retrieved 2014-06-04.
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