During the Great Depression in 1936, 12 Los Angeles City employees pooled their resources of $60 and formed the Los Angeles City Employees Federal Credit Union. They wanted to give fellow City employees a safe, low-cost, convenient source to borrow and save money in the midst of a challenging economy.
After getting approval from the federal government to begin operations, the group of employees increased to 18 and formed a Board of Directors, a credit committee, a supervisory committee and a membership committee to govern the credit union. They ran the business with one part-time employee from a room inside Los Angeles City Hall at 200 North Spring Street. In 1987, the name changed to Los Angeles Federal Credit Union (LAFCU) to reflect a growing field of membership, which started to include immediate family members of City employees and individuals who lived in the same household as a current member.
The initial deposit of $60 from 12 members has grown to over $1.1 billion in assets from 70,000 members, more than 160 credit union employees and 7 branches in several cities in the Greater Los Angeles Area.
Today, anyone living in most counties of Southern California is eligible to open an account at LAFCU after making a minimum donation to the Los Angeles Charitable Association.
From its early beginnings on through the years, LAFCU has remained a strong, secure financial institution that remains committed to serving the financial needs of its members, the City of Los Angeles, and the Southern California area.