Merger Updates
Stronger Than Ever.
March 1, 2024
We are excited to announce that the merger between Pasadena Service Federal Credit Union (PSFCU) and Pasadena Federal Credit Union (PFCU) has been formally approved by the membership and finalized by the NCUA as of March 1, 2024.
Several steps must follow before the expanded credit union can begin serving the combined membership. On this page, you will find the most current information regarding upcoming changes. You can also access FAQs and discussion topics that may address any questions or concerns you may have following the finalization of this merger.
- PFCU and PSFCU are now one entity. Beginning March 1, 2024, PSFCU will include this tradename: “Pasadena Service Federal Credit Union, a division of Pasadena Federal Credit Union” in their signage, greetings, documents, email, and other materials.
- We now continue work to integrate banking systems, with a goal of having our systems fully integrated by the end of 2024 or early 2025. This timeframe is reasonable to create the best merger experience for members and to ensure that employees are supported in this change as well.
- As system integration nears, members will receive up-to-date communications and resources. We will provide detailed information regarding any changes to your accounts, important dates, and more, and will walk you through any steps you need to follow. Again, changes are not expected for members for some time yet.
- If you are a member of both credit unions already, you’ll need to note that our systems are not yet joined. You will not be able to transact between your PFCU and PSFCU accounts through online banking, with the app, or in the branch.
- However, you can continue to perform a wide range of transactions such as deposits and withdrawals, make loan payments, and transfer money since both credit unions are part of the Co-op Shared Branch network.
- We understand that many of our respective members who are not members of both credit unions are eager to begin transacting from any PFCU and PSFCU locations because it may be convenient—you may live, work, or play near one of these branches in your area. We greatly appreciate your patience. We will communicate often about when you may expect to visit one of these new-to-you locations.
February 23, 2024
We are happy to announce that Pasadena Service Federal Credit Union (PSFCU) members overwhelmingly approved the merger with Pasadena Federal Credit Union (PFCU) on February 22, 2024. We are anticipating NCUA approval by March 1, 2024.
January 2, 2024
Pasadena Service Federal Credit Union (PSFCU) will be sending qualifying members a formal merger member communication packet that will include information about the merger and the voting ballot. PSFCU members will have 45 days following the mailing to cast their vote. An independent balloting firm will ensure the election meets confidentiality and Credit Union Bylaw requirements.
On February 22, 2024, the PSFCU membership voting will culminate in a Special Meeting where members can meet with PSFCU leadership and cast their vote in person. Members can also submit comments to share with other members through the NCUA website.
Pasadena Service Federal Credit Union’s Board of Directors and management support this merger. We invite you to participate in the decision-making process by casting your vote on the proposal for a merger with Pasadena Federal Credit Union. Your input is valued, and we appreciate your involvement in shaping the future of our community.
December 6, 2023
We are excited to share that the NCUA has approved the Pasadena Federal Credit Union (PFCU) merger with Pasadena Service Federal Credit Union (PSFCU). This is an important step towards the completion and finalizing of our merger. In the following weeks, Pasadena Service Federal Credit Union will be preparing for their membership to vote as the next step. A formal timeline will be shared soon, along with important information regarding the member voting process.
We thank you for your patience throughout the merger process and will continue to provide you with updates.
June 22, 2023
For over 85 years, Pasadena Service Federal Credit Union (PSFCU) has been serving its members and bringing value by offering personalized service, innovative technology, and access to robust products and services to help members achieve their financial goals.
On behalf of the Board of Directors and Leadership Team, we are excited to announce our plans to merge with Pasadena Federal Credit Union (PFCU). Merging with PFCU will allow us to continue acting in the best interest of our members by providing a wider range of products and services, more branches, more value, and more member and community giveback. Additionally, employees will benefit from being part of a larger organization by having access to additional career development opportunities.
While Pasadena Service Federal Credit Union is financially strong and healthy, the Board of Directors decided to explore a strategic partnership of the two credit unions as we look to our next chapter of growth and expansion.
This merger is not a “buy out” or “acquisition.” Both Credit Unions view this merger as a collaborative partnership between two financially strong credit unions committed to their members. The Boards of Directors and leadership of both credit unions recognize they can better serve the memberships of both credit unions together.
The Board of Directors of each credit union has unanimously approved this partnership to create more value on multiple levels for both institutions, who share common roots in the communities in which they were originally founded to serve. Both credit unions are very excited about this merger and the benefits it brings to our members, employees, and our communities.
Each credit union will continue the due diligence process while obtaining regulatory approval from the National Credit Union Administration.
Once we receive regulatory approval, a merger packet and ballot will be mailed to all members in good-standing. A special meeting of the membership will also be called to consider the merger plan and provide an open forum to address questions and comments from the membership.
Your Board of Directors unanimously endorses this merger, and we encourage you to vote in favor when you receive your ballot.
As the merger process continues, we will keep members informed of progress, including sharing important notices, dates, and events. For the most current information and FAQs, please visit this Merger Updates page. You can also email [email protected] if you have any additional questions or concerns, or fill out the form below.
We look forward to sharing this exciting new chapter with you and appreciate you for being a member of Pasadena Service Federal Credit Union.
Sincerely,
James Chang
President/CEO
Merger FAQ
Products/Services: Once we’ve combined systems, as a larger organization, we’ll ultimately gain economies of scale which will allow us to offer a more robust product and service line, reduce costs, and return more value in the form of products, services, rates, fees, and community involvement to existing and future members.
The Board has chosen a merger partner that is most aligned with our organization’s purpose, values and vision for the future. Like us, they have served the community for over 85 years and are committed to embracing diversity and prioritizing people over profits. Not only will Pasadena Service Federal Credit Union be financially stronger, but by combining our resources together, our staff can be more proactive and efficient in delivering the outstanding service members are used to. We will also be able to continuously invest in technology, security and employees—which are key components to future growth. Additionally, members will have access to more branch locations with potentially, more to come!
Both credit unions are financially sound with net worth ratios that exceed regulatory requirements. Becoming a larger credit union with combined assets would provide opportunities to leverage resources, position us for growth, and increase efficiencies. Your volunteer Board of Directors has done its due diligence in evaluating this partnership. It has been decided that the continuing credit union will be Pasadena Federal Credit Union and the merging credit union will be Pasadena Service Federal Credit Union.
The combined credit union, and consequently the members, will benefit from the economics of scale (including a combined entity totaling approximately $444 Million in assets and approximately 25,600 members) translating into lower operating costs by allowing such costs to be spread over a wider membership base. The two credit unions share similar values, a cultural commitment to personalized service and putting members’ needs first.
More branch locations, convenient access to products and services, better technology, and a more robust team to serve you.
You will maintain the same relationships with employees you have come to appreciate throughout the years.
James Chang would be the President/CEO of the combined organization. He is currently the CEO of Pasadena Service Federal Credit Union.
For now, you will not have to do anything, and your accounts will remain with Pasadena Service Federal Credit Union. Your account number may change as a result of the partnership. More information will be provided during 2024. If this happens, you will be notified well in advance of any changes.
Yes. If you currently have direct deposit of your payroll check, payroll deduction or direct deposit of pension or social security to your account, it will automatically continue without you having to do anything. If anything changes, you will be notified well in advance.
No. If anything changes, you will be notified well in advance.
The rates on fixed-rate loans and certificates remain the same until the end of their existing terms. Other products will adjust as normal due to market conditions.
No. There are no plans for any branch closures. This merger would provide the opportunity to expand our branch locations and enhance our digital member experience.
Yes, in the case of Pasadena Federal Credit Union. Pasadena Service Federal Credit Union has a larger field of membership and is community chartered, which would allow some members who wouldn’t normally qualify for membership to become members. Following the merger, the credit union would become community chartered.
No, you’d still be eligible for membership. Once a member, always a member
We are in the preliminary stages of this merger and awaiting NCUA guidance and approval. There will be no changes to your account(s) and both credit unions remain separate entities at this time. We appreciate your patience as we work through the process of this exciting new partnership.
If you have additional questions or concerns, you can reach out to us by emailing [email protected] and someone will respond to you within 48 hours. Alternatively, you can fill out the form in this website. Visit this page for the latest merger updates and communications!
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