Merger Updates

For over 85 years, Pasadena Federal Credit Union (PFCU) 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 Service Federal Credit Union (PSFCU). Merging with PSFCU 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 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 (NCUA).  

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 our Merger Updates landing page on our website. You can also email pfcu@pfcu.org if you have any additional questions or concerns.

We look forward to sharing this exciting new chapter with you and appreciate you for being a member of Pasadena Federal Credit Union.

A: 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 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!

A: 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.

A: 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.

A: The Board will need to complete their due diligence in reviewing this merger. This can take up to several months. Upon approval, members will be receiving an informational letter to their home address with detailed information regarding the merger.

To complete the merger process, we must receive approval from three sources: our Boards of Directors, our Regulators, and our members. As of Q2 of 2023, the Boards of both organizations have approved the merger. With this decision made, we are now in the process of getting regulatory approval. There is no additional information at this time. Please check back and visit our website for the most current updates.

A: More branch locations, convenient access to products and services, better technology, and a more robust team to serve you.

A: 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.

Both credit unions are very excited about this merger and the benefits it brings to our members, employees, and our communities.

A: You will not have to do anything, and your accounts will remain with Pasadena Federal Credit Union. Your account number(s) will remain the same. There should be no change to your accounts during the merger. Your accounts will remain insured by the NCUA.

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.

A: If you have additional questions or concerns, you can reach out to us by emailing pfcu@pfcu.org and someone will respond to you within 48 hours. Please visit our website for the latest merger updates and communications.

Since 1936, myPSFCU has served the unique banking needs of Pasadena Unified School District and Pasadena City College faculty and staff. Over the years, myPSFCU has evolved into a community chartered financial institution that services the World Class City of Pasadena and surrounding areas.

In 2009, Vernon Commerce Federal Credit Union was acquired and continues to operate as a division of myPSFCU. As a not-for-profit financial cooperative, myPSFCU does not issue stock or pay dividends to outside stockholders. Instead, earnings are returned to members in the form of lower loan rates, higher interest on deposits, and lower fees.

In June 2016, we had a charter expansion to territories from East Covina, down Huntington Park and West of Glendale. Every member has equal ownership and one vote – regardless of how much money a member has on deposit.

To learn more about PSFCU, visit here.