California Agribusiness Credit Union in Buena Park is adding 1,000 members and $2.2 million in assets by acquiring Los Angeles-based Carnation Southern California Federal Credit Union.
This is the second acquisition for California Agribusiness this year. Last month, it acquired the Ventura-based Citrus and Avocado Employees Federal Credit Union, which brought in another 1,000 members and about $1 million in assets. In all, California Agribusiness has $17 million in deposits and close to 3,300 members.
The acquisitions are part of California Agribusiness’ bid to grow membership to offer products and services similar to those of traditional banks. Smaller credit unions typically can’t afford to offer products such as checking accounts, ATM access, credit or debit cards, Internet banking or a full range of mortgage products. As a result, the industry has been consolidating as credit unions have been growing and updating their offerings to maintain membership.
