Southland News
Southland CU, Allied Healthcare FCU Announce Plan to Merge
Southland Credit Union to expand with Allied Healthcare FCU Merger
Southland Credit Union and Allied Healthcare Federal Credit Union have announced their intent to merge in 2024, marking a significant milestone in Southland’s history of growth. This partnership, subject to membership approval, will not only solidify Southland's position as a leading financial institution but also extend its reach with the addition of four branches to its network, three located inside local hospitals and one in Long Beach.
Founded in 1936, Southland Credit Union has served the Southern California community for 87 years, offering a comprehensive range of financial services with assets exceeding $1 billion. The merger, unanimously approved by both credit unions' board of directors and regulatory authorities, is slated to be effective May 1, 2024.
Bradley Silcox, Board Chairperson for Southland Credit Union, highlighted the shared vision driving this merger, stating, "Both Southland and Allied Healthcare share the common goal of empowering our Members to achieve their financial goals. This merger is a perfect fit as both credit unions have a shared history serving healthcare employees."
Larry Matejka, Board Chairperson for Allied Healthcare Federal Credit Union, echoed this sentiment, emphasizing the benefits this merger will bring to Members. "This merger will result in a wider variety of competitive services, products and conveniences," said Matejka. "Beyond these immediate benefits, this merger will combine two established organizations that share similar values and a commitment to their Members, people and culture."
Until final membership approval is obtained, Allied Healthcare and Southland will operate as independent entities. Following approval, the combined credit union will adopt the name Southland Credit Union and retain all of Allied Healthcare's staff. Thomas Lent will assume the role of President & CEO of the combined credit union, which will serve over 69,000 Members with assets surpassing $1.2 billion.
Southland Credit Union, currently serving more than 63,000 Members in Orange and Los Angeles Counties, operates branches in Los Alamitos, Carson, Downey, Long Beach, on the Long Beach State campus, the Los Angeles Federal Building, Santa Monica and St. John's Health Center. Committed to providing exceptional financial solutions with personalized service, Southland remains dedicated to its Members' financial well-being.
Established in 1956, Allied Healthcare Federal Credit Union began its journey serving healthcare workers in Long Beach. Today, Allied Healthcare FCU extends its services to healthcare workers and their families across multiple counties, boasting more than 5,000 Members with $74 million in assets. With branches in Long Beach and Lynwood, Allied Healthcare has been a trusted financial partner for healthcare professionals.
The merger between Southland Credit Union and Allied Healthcare Federal Credit Union marks an exciting chapter in the region's financial landscape, promising enhanced services, expanded accessibility and continued commitment to Members' financial success.