Company type | Credit union |
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Founded | 1936 |
Headquarters | Los Alamitos, California, United States |
Number of locations | 8 Branches |
Area served | Orange County and Los Angeles, California |
Total assets | $1b USD (2021) |
Website | southlandcu.org |
Southland Credit Union is a not-for-profit community-chartered credit union in California, United States serving the residents of Orange County and Los Angeles County. They have over 60,000 members and $1 billion in assets. Southland Credit Union's member-owners get a full spectrum of financial products. Southland Credit Union was founded in 1936 to serve the financial needs of Los Angeles County employees.
Southland Credit Union's community charter allows for membership to residents and individuals, who work, worship or attend school in the following communities:
Membership with Southland Credit Union is available to employees of approximately 300 Select Employer Groups (SEG), including:
The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of December 31, 2020 Southland Credit Union had $1.64 million in non-current loans and owned real-estate with $101.67 million in equity and loan loss allowances on hand to cover it. This gives Southland Credit Union a Texas Ratio of 1.61% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Southland Credit Union decreased dramatically from 6.96% as of December 31, 2019 to 1.61% as of December 31, 2020, resulting in a positive change of 76.86%.This indicates that the balance sheet and financial strength for Southland Credit Union has improved dramatically in recent periods.
In the past year, Southland Credit Union has increased its total non-brokered deposits by $139.49 million, resulting in 20.56% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Southland Credit Union has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Southland Credit Union has $995.94 million in assets with $101.67 million in equity, resulting in a capitalization level of 10.21%, which is above average.[8]
Southland Credit Union offers: