SAN FRANCISCO–San Francisco FCU has announced it is reaching across the bay to acquire Oakland, Calif.-based Summit Bank in an all-cash transaction.
SFFCU has $1.32 billion in asset and approximately 51,000 members. The $287-million bank has three offices, approximately 35 employees and was founded in 1982.
Summit Bank said it has been profitable in every quarter since it began operating.
“This strategic move, the second of its kind in California, strengthens San Francisco Federal Credit Union’s ability to provide financial solutions for individuals and families, expands commercial services for all member businesses, and increases its branch presence in the Bay Area,” San Francisco Federal said in a statement. “Following unanimous approval by both boards, the acquisition is anticipated to be completed in the first quarter of 2026, subject to requisite regulatory and shareholder approvals.”
The credit union said the Summit Bank locations will be integrated its branch network and bring its total locations across the Bay Area to 10.
‘Our Central Mission’
“We are thrilled to welcome Summit Bank customers and employees to the San Francisco Federal Credit Union family,” President and CEO Ray Shams said in a statement. “Community is central to our mission, and as we grow, we look forward to continuing to contribute to the economic vitality of Bay Area communities. We are committed to helping our members achieve their financial goals while fostering strong local partnerships.”
Steve Nelson, president of Summit Bank, in a statement, “This transaction with San Francisco Federal Credit Union is only the second announced credit union and bank transaction in California and one that rewards our loyal shareholders for supporting us for many years. San Francisco Federal Credit Union wants to come into Alameda and Contra Cost Counties and expand the products and services available to our borrowers and depositors. They want our staff to continue to provide the exceptional level of service that has been the foundation for Summit and that has kept customers loyal to our institution.
“We are confident that in passing the torch to San Francisco Federal Credit Union, our values of professionalism, accountability, and giving back to the community will be continued,” Nelson added.
The Advisors
CEO Advisory Group, Bancorp I, Inc. and McQueen Financial Advisors acted as financial advisors to San Francisco FCU, and Luse Gorman, PC and SW&M, LLP is serving as legal counsel to the credit union.
