SAN DIEGO (CNS) - California Coast Credit Union and San Diego County Credit Union, two of San Diego's largest credit unions, Friday announced plans to merge, pending regulatory approval and a Cal Coast membership vote.
If approved, the new credit union's assets would total nearly $13.5 billion and 65 locations in Imperial, Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo, Santa Barbara and Ventura counties. The two financial institutions have more than 1,400 employees.
"This merger creates a partnership between two large service-oriented and financially strong credit unions with deep, rich histories throughout Southern California," said Teresa Campbell, president and CEO of SDCCU. "Together, we can offer members, employees and the communities we serve access through expanded branches and ATMs, plus a stronger, more resilient organization that is ready and able to embrace the evolving financial services landscape."
The merger would make the new credit union the fourth largest in the state and become the 16th largest in the nation. If approved, both institutions would continue to operate separately until the merger date -- sometime around early 2026, with full integration coming in 2027, a joint statement from the credit unions read.
"Since our organization's inception, the credit union's vision has been to foster a culture of service and commitment to the community that our members are proud of," said Todd Lane, president and CEO of Cal Coast. "The member and employee value resulting from this combination of our financially strong organizations is outstanding.
"Together, our joint strengths position us to achieve greater success and provide even greater opportunity to expand our community impact. Additionally, no jobs will be lost as a result of the merger as both organizations are committed to retaining talent and providing opportunity for growth."
The combined credit union will retain the California Coast Credit Union name and Todd Lane will become the president and CEO with Campbell's retirement.
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