SAN DIEGO, Calif.–Two California credit unions are proposing a merger that would create a combined CU of nearly $13.5 billion in assets.
The $3.359-billion California Coast Credit Union and the $9.16 billion San Diego County CU said they are seeking to combine pending a vote by Cal Coast’s members.
Post-merger, the institution would have 65 branches, serve more than 630,000 members, have more than 1,400 employees and serve a field of membership stretching across Imperial, Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo, Santa Barbara, and Ventura counties.
If approved, the resulting CU would be the 15th largest in the U.S.
Both credit unions are profitable. At year-end 2024, California Coast reported $21.8 million in net income and net worth of 13.18%. San Diego County CU had $65.7 million in net income and net worth of 19.6%.
‘Deep, Rich Histories’
“This merger creates a partnership between two large service-oriented and financially strong credit unions with deep, rich histories throughout Southern California,” Teresa Campbell, president and CEO of SDCCU, said in a statement. “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.”
Added Cal Coast President and CEO Todd Lane in a statement, “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. 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.”
Early 2026 Merger is Target Date
The two credit unions said the expected legal date of merger is early 2026, with full systems integration extending into 2027.
As of the merger date, the combined credit union will retain the California Coast Credit Union name and Todd Lane will become the President and CEO of the combined organization concurrent with Teresa Campbell’s retirement.
