Working together for our Members
Great News! The members overwhelmingly voted in favor of the merger between Allied Healthcare Federal Credit Union (AHFCU) and Southland Credit Union and has been finalized by the NCUA and DFPI as of May 1, 2024.
What’s next?
Several steps must follow before the expanded credit union can begin serving the combined membership.
- AHFCU and SCU are now one entity. Beginning May 2024, AHFCU will now refer to itself as Allied Healthcare Credit Union a Division of Southland Credit Union in their signage, documents and other materials.
- We now continue to work to integrate systems, with a goal of having our systems fully integrated by February 1, 2025. This timeframe is reasonable to create the best merger experience for members and to ensure that associates 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 ensure you are aware of any steps you need to take. Changes are not expected for members for some time, but we want to be proactive in delivering information.
- 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 be able to transact between your AHCU and SCU accounts through digital 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/PSCU Shared Branch network.
- We know that many of our members are eager to begin transacting from any AHCU and SCU locations because it may be convenient, so we thank you for your patience and we are just as excited as you to complete our system integration.
You can email membercare@ahfcu.org if you have additional questions or concerns.
Frequently Asked Questions about Allied Healthcare Federal Credit Union’s Proposed Merger with Southland Credit Union
We are pleased to provide you with additional information about the proposed merger between Allied Healthcare Federal Credit Union and Southland Credit Union along with some of the increased opportunities and enhanced benefits it will offer our Members.
Yes. Both Boards of Directors, who are elected by the membership, have unanimously approved a merger of the two credit unions. Planning for the merger has been in the works for many months and is the strongest option in navigating the current economic landscape.
We are confident that a combined credit union will bring much greater strength and competitive advantages that will better serve our Members and communities in terms of lower loan rates, higher dividend (savings) rates, and an increased branch distribution network. This partnership will ensure continued stability for both credit unions and better position the combined credit union for future growth. It would take Allied Healthcare Federal Credit Union over a decade to grow to the point where we could provide you with the added-value we would receive from a partnership with Southland Credit Union. Additionally, industry data clearly shows that larger credit unions offer more benefits to their Members.
Headquartered in Los Alamitos, Southland Credit Union (www.southlandcu.org) is a full-service member-owned credit union with more than $1 billion in assets serving over 60,000 Members throughout Southern California. Like Allied Healthcare Federal Credit Union, Southland Credit Union is a trusted, long-time member of our shared community, with an 87-year history of providing excellent, personalized service to its Members. Southland is the best possible choice as a merger partner because of our shared history and culture based upon serving healthcare employees and their ties to the local cities they serve.
Yes. Southland will be retaining all the employees of Allied Healthcare, so the same familiar faces you have come to know will still be there to serve you.
You will benefit in many ways, including:
- Access to full-service branches in Santa Monica, Downtown Los Angeles, Downey, Carson, Long Beach, and Los Alamitos.
- Over 5,000 Nationwide Co-Op Shared Branch locations.
- 20 proprietary ATMs throughout LA and Orange Counties. You will also have access to 28,000 CO-OP Network ATMs, including over 5,500 participating 7-Eleven stores.
- A complete line of financial products and services, including High Yield checking and savings accounts, home loans, credit cards, vehicle financing and much more.
- Industry leading Digital Banking technology along with 24/7 telephone access to your accounts.
Monica Lopez, Allied Healthcare Federal Credit Union’s current CEO will become a Senior Vice President of the continuing credit union. She will report to Southland Credit Union’s current President/CEO, Thomas G. Lent, who will lead the combined credit union.
Yes, at a date to be determined. Allied Healthcare Federal Credit Union will operate as a division of Southland Credit Union. When the integration of the two systems is complete, the name of the combined credit union will be Southland Credit Union.
No. Upon completion of the merger, the combined credit union will continue to serve all the organizations, companies and communities we now serve.
We anticipate no immediate changes in the near future. However, if changes need to be made, we will work to ensure a seamless integration so you can conduct business as you always have.
Yes. Your accounts will remain safe, sound and insured. Your deposits will continue to be federally insured through the National Credit Union Share Insurance Fund (NCUSIF), a U.S. Government Agency, to at least $250,000 for regular deposits and at least $250,000 for IRAs (please visit www.ncua.gov\shareinsurance for more information).
Both credit unions are financially strong, and each has capital that is in excess of what is required by our regulatory agencies.
The Boards of Directors of both credit unions and our regulators have approved the merger proposal, and now we are asking our Members to vote on the merger. If approved, we plan to begin the process of integrating the operations of the two credit unions at a date to be determined. We expect the integration process to take significant time as we integrate the core systems of the two credit unions. During this integration there will be no changes to your account or the services provided by Allied Healthcare Federal Credit Union.
There will be a Special Meeting on April 10, 2024, at 5:00 p.m. at 4133 N Viking Way, Long Beach, CA 90808 to consider the merger proposal. For members who are unable to attend, you should have received a merger packet with a ballot from Allied in February and you may return it in the enclosed, self-addressed, postage paid envelope to Allied Healthcare Federal Credit Union, c/o Turner, Warren, Hwang & Conrad, 100 N. 1st Street, Suite 202, Burbank, CA 91502. All ballots must be received by April 10, 2024.
Once the integration process is completed, you will have access to all of Southland Credit Union’s branch locations, as well as over 5,000 nationwide Co-Op Shared Branch locations to transact on your accounts. More information will be provided on the integration process in the months ahead.
We are here to serve you and are happy to answer any questions you may have. You may always call us at 562-933-0370 if you would like more information regarding this exciting development.
