This morning at 9 a.m. the Santa Monica City Employees Federal Credit Union held a special membership meeting. In the month leading up to today members were mailed extensive materials and a ballot to vote either in favor, or not of the merger with Southland Credit Union of Los Alamitos. Out of some 3,400 members who received the ballot the mailed responses only amounted to about 10 percent.
Chairing the meeting was the outstanding Frank Barnes and also there were the highly regarded Paul Gonzales, who led the water department until his retirement in 2007. Rene Talbot who was formerly the President of MEA, and who has accomplished enormous good works for the city and for city employees, was there and the others.
All SM Credit Union employees were on hand as well as four executive officers of the Southland Credit Union, fielding many questions about the proposed transition. About 30 of SMCU members showed up in person and participated, as well as yours truly.
The argument has many positives and few negatives. Among them are that members will have many more places to do business instead of only this one location. Southland has greater assets and would thus strengthen our organization financially; and it is possible would conceivably over time pay more interest on deposits. Checking accounts will not have fees, the same as they are now.
We will of coures lose Santa Monica's name on the organization and that bothers me a little, if only in a nostalgic way.
Of the 300 votes cast the vast majority approved the merger which will begin soon. The Santa Monica location has lost its lease and another location is being sought. It was a joy to see some of the Santa Monica employees again, both working and retired.