Pasadena’s LA Financial Federal Credit Union and Ventura County Credit Union called off a proposed merger following “many discussions and much due diligence,” according to a statement from the financial organizations.
The merger would have created a billion-dollar cooperative, with VCCU having more than $900 million in total assets and LAFCU with $400 million in assets. In the Valley region, Ventura County Credit Union has offices in Camarillo, Thousand Oaks, Simi Valley and Moorpark.
Talks ended amicably, according to the statement, with both parties confident in their decision not to proceed with the merger. No changes are anticipated as a result of the failed merger; all branches will remain open and continue to provide the same services.
“As we put this mission into action, sometimes it makes sense to combine our strengths and assets, and other times we find it’s best to continue operating independently,” Joe Schroeder, chief executive of VCCU, said in a statement. “Although our merger discussions did not lead to a combined credit union, we wish LAFCU tremendous success.”
“We will still collaborate for the good of all we serve,” Carol Galizia, chief executive of LAFCU, added in a statement. “Each credit union offers many unique strengths, and we will continue to share our expertise to help each other thrive.”