I remember the days when The Los Angeles Times Federal Credit Union was strictly for the employees, ran by employees. Always knew that when I needed some extra money for a vacation, a new car, etc. the Credit Union would be there for me, even if my credit rating was not perfect, I knew that my Credit Union was there for me. Then, in the good name of adjusting to new changes and growing as an institution. I guess bigger and better it is not always good for us. In the process of becoming bigger and better, it turned out to be just like any other bank. Thank you for the memories, soon to be, CitySide Federal Credit Union. Another legacy of The Tribune Co.
GCC/IBT Local 140-N Blog
Tuesday, July 03, 2007
LATFCU Not for long...
I remember the days when The Los Angeles Times Federal Credit Union was strictly for the employees, ran by employees. Always knew that when I needed some extra money for a vacation, a new car, etc. the Credit Union would be there for me, even if my credit rating was not perfect, I knew that my Credit Union was there for me. Then, in the good name of adjusting to new changes and growing as an institution. I guess bigger and better it is not always good for us. In the process of becoming bigger and better, it turned out to be just like any other bank. Thank you for the memories, soon to be, CitySide Federal Credit Union. Another legacy of The Tribune Co.
Subscribe to:
Post Comments (Atom)
4 comments:
Al,
I believe the Los Angeles Times Federal Credit Union employees became non-Tribune employees about eighteen months ago.
It is a sad state of affairs at the newspaper we have called home for so many years.
Actually,
They were never LAT employees. The credit union is a totally separate
entity. The credit union reimbursed the Times and then Tribune for all payroll expenses,benefits etc. The Times was a "sponsor" but never an owner.
Actually... Given the ruthlessness by which the Tribune behaved towards the Credit Union and the deep and extensive downsizing that they did year after year to the Los Angeles Times, the Credit Union had to make certain moves in order to guarantee its survival and to continue to serve its core Los Angeles Times members. The Chicago Tribune laid off / fired so many of LA Times' employees, assets and membership dropped while delinquencies from displaced employees rose. Additionally the Tribune began to prohibit the Credit Union from recruiting at new employee orientations at the Times. Its membership had begun to dry up. The "new" Cityside credit union is now open to all of Downtown LA, but it has not forgotten about its roots. It still serves the LA Times employees very well. With its expanded field of membership, the new Cityside Credit Union fka. Los Angeles Times FCU is now better equipped to serve the few remaining LA Times employees and their families for many years to come. As a matter of fact, the Credit Union has moved directly across the street from The Times, into a state of the art facility. Cityside FCU / LA Times FCU is even more convenient now for Times employees, than before.
2009 … and the saga continues. Tribune has gone bankrupt. The Times has laid off even more employees. The economy, the financial sector, and the market has gone belly up. Banks are falling like flies. The local LA area economy has gone down the tubes. Cityside FCU is merging with Southland CU in order to create a much stronger presence in the Downtown LA market. The new entity will take on the Southland name. Cityside and Southland memberships will be impacted minimally. The stronger consolidated entity will be able to take advantage of economies of scale, to compete against the banks while serving its combined membership even better.
Post a Comment