Pasadena Service Federal Credit Union (PSFCU) is now officially a division of Pasadena Federal Credit Union (PFCU) as of March 1, 2024.
PSFCU members provided the final approval of the merger between PSFCU and PFCU on February 22, 2023. Member voting occurred January – February 22, 2023.
What’s next?
Several steps must follow before the expanded credit union can begin serving the combined membership.
- PFCU and PSFCU are now one entity. Beginning February 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. 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 won’t yet be able to transact between your PFCU and PSFCU accounts through online banking, with the app, or in the branch.
- You can still 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 know that many of our respective members who aren’t 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 either state. Thank you for your patience! We will communicate often about when you may expect to visit one of these new-to-you locations.
If you have any questions that haven’t been addressed in the highlights above, or in other frequently asked questions, please contact us so that we may assist you.
What does this merger mean for members?
The strategic merger between Pasadena Service FCU and Pasadena FCU will provide the opportunity to achieve more positive member impact and value such as:
More member access: Eventually, the larger branch footprint will allow us to have more impact on existing members. But bigger than that, through this partnership, we’ll be able to serve more people and provide them with access to top-notch financial products and services. Here’s how:
More branch locations: In late 2024 or early 2025, together we’ll be serving you from 3 locations throughout Pasadena and in the city of Bell Gardens.
Products/Services: Once we’ve combined systems in late 2024, 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.
More Responsive to Evolving Financial Needs: This partnership will allow the credit union to better anticipate and meet the financial needs of members in a competitive financial services industry.
Enhanced Digital Banking Products: Looking ahead, this partnership will allow us to constantly assess and improve our technology solutions and make sure we’re providing the best digital banking solutions possible for members now and into the future.
Same Knowledgeable, Friendly Employees: The same friendly staff at our branches will continue to be available to serve you.
Will my accounts be affected?
There will be no immediate effect on your accounts or account numbers at this time. As the integration of systems approaches, Pasadena Service Federal Credit Union will need to convert to Pasadena Federal Credit Union’s core operating system to enhance capabilities. This is still underway and will not occur until sometime in late 2024. As that time approaches, the credit union will work to ensure a seamless integration and will communicate important dates, changes, and next steps to ensure members can continue to conduct business with minimal disruption.
