#United States #San Diego #Credit Union #California Coast #San Diego County

California Coast and San Diego County Credit Unions Join Forces

In a strategic move that could reshape the financial landscape of Southern California, California Coast Credit Union (Cal Coast) and San Diego County Credit Union (SDCCU) recently announced their plans to merge, pending regulatory approval. This significant partnership aims to strengthen their ability to serve their members across a wide area and create an even more resilient organization.

With combined assets totaling nearly $13.5 billion, this merger offers expansive resource capabilities for both financial institutions. Upon completion, the new entity will operate out of 65 branches and employ more than 1,400 dedicated workers who will provide services to members in a diverse range of counties including Imperial, Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo, Santa Barbara, and Ventura.

Teresa Campbell, president and CEO of SDCCU, expressed her enthusiasm about the merger, emphasizing the partnership between two robust and service-oriented organizations. She stated, “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 to embrace the evolving financial services landscape.”

Cal Coast's president and CEO, Todd Lane, echoed these sentiments, highlighting the merits of a combined approach. He remarked, “The member and employee value resulting from this merger is outstanding. The strengths of our organizations position us to achieve greater success and expand our community impact.” Both leaders reassured stakeholders that there would be no job losses as a result of the merger, reaffirming their commitment to retaining valuable staff and promoting opportunities for professional growth.

As the merger progresses, both credit unions will continue to operate independently until they reach the legal date for merging, expected to be in early 2026. Full systems integration and harmonization of services will take time, with a target date extending into 2027. Importantly, the California Coast Credit Union name will be retained for the combined institution.

Currently, the merger is pending approval from both the California Coast Credit Union’s membership and the regulatory authorities that oversee credit union operations. Members of both institutions can expect to receive ongoing updates and relevant information about the merger through various communications channels.

A Look at the Credit Unions

San Diego County Credit Union (SDCCU)

Formerly known as San Diego County Employees Credit Union, SDCCU has been a major player in the local financial sector since its inception. Initially established to support the financial needs of county employees, it has since opened its doors to all residents and workers in Southern California. With over 428,000 members and 39 branches, SDCCU has a strong reputation, having been voted the best credit union in San Diego for 25 consecutive years.

California Coast Credit Union

Established in 1929, Cal Coast is renowned for its strong roots in the community, particularly its support of educators and schools. It currently serves over 200,000 members and has received numerous awards for its financial performance and community engagement efforts. The organization has implemented various financial wellness initiatives aimed at empowering members and facilitating their financial health.

As preparations for the merger continue, stakeholders remain optimistic about the enhanced potential both organizations will hold when unified. They aim to evolve with the changing dynamics of the financial sector, ensuring they remain competitive and valuable to their members. This merger signifies more than just a financial agreement; it reflects a commitment to strengthening community ties and providing superior service, ensuring the needs of Southern Californian residents are met effectively.