As a credit union, First City Credit Union is a co-operative not-for-profit financial institution, owned and operated by our members. We offer most of the consumer financial services offered by banks. Unlike banks, however, our earnings are returned to members in the form of superior loan and deposit rates, lower fees, and higher quality personalized service.
At First City, we believe in four guiding principles. These four principles make First City the best choice for all of your financial needs...
On September 28, 1937, as America struggled to recover from the Great Depression, a small group of visionary Los Angeles County employees gathered in Room 116 of the downtown Roslyn Hotel on Broadway to make a difference in the lives of their co-workers. By the end of their meeting, they had formed Los Angeles County Employees #11 Federal Credit Union. A month later, at the first Board of Director's meeting, 65 memberships were approved, and $149 in deposits were recorded.
Over the years, "CU #11," as it was called, grew and thrived. By the 1970s, the credit union's assets had grown to $90 million. CU 11 merged with The Claremont Colleges FCU in the late '70s, and with Public Services FCU in the '80s - and took-on the Public Services name. The name was changed to 1st City Savings Federal Credit Union in 1985 to reflect the credit union's broadened membership base. In 2002, a California state charter was adopted, which opened membership eligibility to people who live or work in many communities throughout Los Angeles and parts of San Bernardino Counties - and the name was shortened to First City Credit Union.
In 2010, The credit union merged with Focus One Credit Union. First City has more than $440 million in assets, and 55,000 members. First City's capital reserves place the credit union among the nation's strongest financial institutions. First City is headquartered in Los Angeles, California, and has eight full-service branches throughout Los Angeles County.
Much has changed since the credit union's founding. From CU #11 to First City, some things never change: like member ownership, volunteer leadership, and a commitment to the highest standards of ethics and quality service.
Unlike banks, which are established to enrich stockholders, credit unions are established solely to serve their member/owners. Credit union members help each other by pooling their resources for low-cost loans and high-rate deposit accounts. This is the essence of the credit union not-for-profit co-operative structure. Credit union earnings generated during the year are returned to members in the form of better rates, enhanced services, and maintaining institutional reserves - which serve as a shield against loan losses and economic downturns.
The credit union concept is a true expression of the democratic ideal. Credit unions provide proof that co-operative ownership benefits everyone. For evidence, we invite you to compare our rates and fees to the big banks!
|For profit businesses||Not-for-profit co-operatives|
|Owned and governed by stockholders||Owned and governed by members|
|Pay dividends to stockholders||Pay savings dividends to members|
|Make loans to corporations, foreign entities, and consumers||Make loans to members and their families|
|Open to the general public||Membership eligibility required through employment, association, community, or family relations|
If you are interested in joining First City, or would like information about your membership eligibility, please see the Open An Account page on this web site.