California CU Expands Service Area & Converts to Community-Based Charter in Los Angeles County, Extending Market Footprint Across Southern California

Expansion Marks Credit Union's 90th Anniversary of Service to Members

California Credit Union has announced regulatory approval to expand its service area into two significant new Southern California counties. The $4.5 billion credit union will now serve San Bernardino and Ventura Counties, and also has converted to a community-based charter in Los Angeles County. Founded in 1933 by a Los Angeles teacher, the charter expansion marks the credit union's 90th anniversary of service to members.

"Expanding our service area to San Bernardino and Ventura Counties, along with a community charter in Los Angeles County, is a significant strategic accomplishment as we look ahead to future expansion and member acquisition with a cohesive service network across all of Southern California. With a number of members already living in these new counties, this field of membership expansion is a logical extension of our existing geographic footprint," said California Credit Union President/CEO Steve O'Connell. "Serving the education community remains an important aspect of our 90-year heritage. We are excited to bring both our community and educator products and services to new communities across Los Angeles, San Bernardino and Ventura counties. And, as members increasingly move to digital channels, we are well prepared to immediately begin serving our new communities through our Virtual Branch, online and mobile banking, and various technology service platforms."

With this expansion, the credit union has extended its field of membership to all communities in six counties across Southern California; anyone who lives, works, worships, attends school or has a business in the California counties of Ventura, Los Angeles, Orange, Riverside, San Bernardino, and San Diego is eligible to join the credit union. The credit union also serves school employees throughout the state. California Credit Union's state-of-the-art digital service channels, including full-service online banking, a Virtual Branch, and 5-Star rated mobile app, along with its nationwide network of 30,000+ surcharge-free ATMs, will be available to its new communities immediately as plans for new retail branches are determined.

O'Connell added, "Our approach has always been to be of service and become a community-wide asset in our markets. We look forward to building relationships within our new communities so we're not just providing best-in-class financial services, but also offering financial education programs, supporting under-resourced areas and community members, and partnering with local organizations to make a meaningful difference in the health of our communities."