DOWNEY -- A merger between Financial Partners Credit Union and Star Harbor Federal Credit Union has been finalized, officials announced Tuesday.
The merger was "overwhelmingly approved" by the Star Harbor board of directors and its membership, officials said.
Located in Rancho Dominguez, Star Harbor Federal Credit Union, with assets of $14 million, sought the merger to better serve its 3,000 members, officials said in a statement.
"With the increasing costs of regulatory requirements and advances in technology escalating, Star Harbor was finding it difficult to deliver the products and services its members needed," officials with Financial Partners said.
Financial Partners Credit Union, the largest credit union headquartered in Downey, Calif. and one of the largest in Los Angeles County, has assets of $1.3 billion. It is recognized for providing its 75,000 members with cutting-edge technology for member convenience, tailored financial solutions and excellent customer service. For both credit unions, it was the perfect fit.
“We are excited to welcome our new members into the Financial Partners family,” said Nader Moghaddam, president and CEO of Financial Partners Credit Union. “We are able to offer them immediate access to an expanded array of products, services and digital conveniences including mobile banking, competitive mortgage lending and retirement planning.”
The new Rancho Dominguez Financial Partners Credit Union branch is managed by the former Star Harbor employee, Lorena Flores. The merger was seamless with the most obvious changes being the Financial Partners Credit Union logo placed on the building and access to online and mobile services.