California Credit Union Explained

California Credit Union
Type:Credit Union
Location City:Glendale, California
Location Country:United States
Locations:24
Area Served:Orange County, Riverside County, San Diego County (as North Island CU)
Key People:Steve O'Connel, CEO
Industry:Financial
Products:Savings
Checking; Consumer Loans; Mortgages; Online Banking
Assets:$3 billion (2017)

California Credit Union (CCU), previously known as the Los Angeles Teachers Credit Union, is a state-chartered credit union in Southern California that focuses on providing financial services to residents of three Southern California counties as well as teachers and others in the education community.[1] [2] [3]

it was the 14th largest credit union by asset size in California with $3 billion in assets and 24 branches.

History

Los Angeles Teachers Credit Union was founded in 1933 to provide financial services to teachers and others in the education community.[4]

In 1995 the credit union changed its name to California Credit Union.

A branch of the credit union was held up by three armed robbers in 1996.[5]

In 2011, the credit union reacquired the building at 701 N. Brand in Los Angeles as its headquarters from MPG Office Trust. The credit union had originally sold the building in 2006.[6]

Effective March 1, 2017, it merged with North Island Credit Union of San Diego.[7] [8] [9] [10]

Membership

CCU has more than 165,000 members. Membership is available to individuals and businesses in Los Angeles, Orange, Riverside, San Bernardino, Ventura and San Diego counties as well as to residents of California who meet one of the following requirements:

Regulation

California Credit Union is regulated under the authority of both the California Department of Financial Institutions and the National Credit Union Administration (NCUA), an agency of the U.S. federal government. Deposits are federally insured by the NCUA.

Notes and References

  1. Web site: Credit Unions on Edge Over Pending Court Ruling . January 15, 1997. Don . Lee . Los Angeles Times. ...the California Credit Union, formerly called the Los Angeles Teachers Credit Union ....
  2. Web site: Company Overview of California Credit Union . Bloomberg.
  3. Web site: Business Directory - Banks - California Credit Union . South Lake Avenue Business Association . August 7, 2018.
  4. Web site: History . California Credit Union. 2018-03-16.
  5. News: Armed Robbers Hit Teachers Credit Union. Holdup: Trio takes unknown sum from Sherman Way office. MCA credit union was victimized Tuesday.. April 27, 1996. Nicholas. Riccardi . Los Angeles Times.
  6. Web site: Credit union reacquires its building. Bill . Kisliuk . April 6, 2011. Los Angeles Times.
  7. News: Glendale Credit Union Completes Merger. Los Angeles Business Journal . March 3, 2017 .
  8. California Credit Union & North Island Credit Union announce merger approvals . CUInsight . February 28, 2017 . press release .
  9. Web site: Two southern California credit unions announce merger of equals.
  10. Web site: California Credit Union; North Island Financial Credit Union . June 6, 2016 .