Southland Credit Union: Comprehensive Company Profile
Background
Overview
Established in 1936, Southland Credit Union is a not-for-profit financial cooperative headquartered in Los Alamitos, California. Originally founded to serve employees of the Los Angeles County Flood Control District, it has since expanded its membership to include individuals and businesses across Orange and Los Angeles Counties. As of 2021, Southland Credit Union manages assets exceeding $1 billion and serves over 63,000 members.
Mission and Vision
Southland Credit Union is dedicated to providing exceptional, comprehensive, and innovative financial solutions, delivered with uniquely personal service. The institution aims to empower its members to achieve their financial goals through a full spectrum of competitive products and services.
Key Strategic Focus
Core Objectives
Southland Credit Union focuses on delivering personalized financial services that cater to the diverse needs of its members. The credit union emphasizes financial education, community engagement, and the expansion of accessible banking solutions.
Areas of Specialization
The credit union offers a comprehensive range of financial products, including savings and checking accounts, loans, credit cards, and investment services. It also provides specialized services tailored to the needs of healthcare employees and students, reflecting its commitment to serving specific community segments.
Key Technologies Utilized
Southland Credit Union leverages digital banking platforms to enhance member experience, offering services such as online banking, mobile apps, and remote deposit capabilities. The institution also utilizes automated personal teller machines to provide efficient in-branch services.
Primary Markets Targeted
The credit union primarily serves individuals and businesses in Orange and Los Angeles Counties, with a particular focus on communities such as healthcare professionals and university students. This targeted approach allows Southland to tailor its services to the unique needs of these groups.
Financials and Funding
Assets and Membership
As of 2021, Southland Credit Union reported assets exceeding $1 billion and a membership base of over 63,000 individuals.
Financial Performance
In May 2024, the credit union reported total assets of $1.17 billion, with a net capital ratio of 5.71% and a leverage ratio of 8.47%. The return on assets was -0.01%, and the net income stood at -$23,000.
Pipeline Development
Branch Expansion
In May 2022, Southland Credit Union expanded its physical presence by opening a new branch on the campus of California State University, Long Beach. This branch offers a full-service banking experience, including ATM access, deposits, withdrawals, new account openings, loan origination, and digital banking services.
Membership Eligibility Expansion
In June 2019, the credit union received approval from state regulators to expand its membership eligibility to include all residents of Los Angeles County, significantly broadening its potential member base.
Technological Platform and Innovation
Digital Banking Services
Southland Credit Union offers a suite of digital banking services, including online banking, mobile applications, and remote deposit capabilities, enabling members to manage their finances conveniently.
Financial Education Initiatives
The credit union has partnered with platforms like Doshi to provide interactive financial education tailored for university students, enhancing financial literacy among younger members.
Leadership Team
Executive Profiles
- Thomas Lent: Serving as President & CEO, Thomas Lent has been instrumental in guiding the credit union's strategic direction and expansion efforts.
- Bradley Silcox: As Board Chairperson, Bradley Silcox has played a key role in overseeing the credit union's governance and strategic initiatives.
- Larry Matejka: Serving as Board Chairperson for Allied Healthcare Federal Credit Union, Larry Matejka has been pivotal in facilitating the merger between Allied Healthcare and Southland Credit Union.
Leadership Changes
In February 2024, Southland Credit Union announced a planned merger with Allied Healthcare Federal Credit Union, with Thomas Lent slated to continue as President & CEO of the combined entity.
Competitor Profile
Market Insights and Dynamics
The credit union industry in California is highly competitive, with numerous institutions vying for market share. The expansion of digital banking services and the emphasis on personalized member experiences are key trends shaping the market.
Competitor Analysis
Southland Credit Union's primary competitors include:
- SchoolsFirst Federal Credit Union: Based in Tustin, CA, SchoolsFirst serves a large member base with a focus on educational communities.
- The Golden 1 Credit Union: Headquartered in Sacramento, CA, Golden 1 is one of the largest credit unions in the nation, offering a wide range of financial products.
- First Technology Federal Credit Union: Located in San Jose, CA, this credit union specializes in serving technology sector employees.
- San Diego County Credit Union: Based in San Diego, CA, SDCCU offers extensive banking services to residents in the region.
- Star One Credit Union: Headquartered in Sunnyvale, CA, Star One focuses on providing financial services to individuals in the technology industry.
Strategic Collaborations and Partnerships
Financial Literacy Initiatives
Southland Credit Union has partnered with Doshi to provide interactive financial education tailored for university students, enhancing financial literacy among younger members.
Community Engagement
The credit union has engaged in partnerships with educational institutions to foster community involvement and promote financial literacy.
