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 $65 from 13 members has grown to over $1.2 billion in assets from 71,000 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 by either working for the city of Los Angeles, or 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.