YUBA CITY, Calif. — Sierra Central Credit Union and First U.S. Community Credit Union are planning to merge in a deal that would create a Northern California credit union with more than $2 billion in assets, approximately 113,000 members and 23 branches.
The proposed merger is expected to be completed during the first half of 2027, subject to regulatory approval and approval by First U.S. members, according to Sierra Central. Operational integration of the two credit unions is expected to continue through 2027 and 2028.
Shonna Shearson, current President/CEO of First U.S., will lead the combined operation if the merger is approved. No layoffs are anticipated, and the merged credit union would employ more than 300 people, Sierra Central said.
Deal Would Create $2 Billion-Plus Credit Union
Yuba City-based Sierra Central reported $1.5 billion in assets and approximately 86,000 members in its latest NCUA Call Report.
Sacramento-based First U.S. reported $548 million in assets and 27,231 members.
Combined, the two credit unions would have approximately $2.05 billion in assets and more than 113,000 members based on their current figures.
Both credit unions also were profitable and well capitalized at midyear.
Sierra Central reported net income of $5.3 million and a net worth ratio of 10%, according to NCUA Call Report data. First U.S. reported net income of $881,821 and a net worth ratio of 11.95%.
First U.S., founded in 1936, operates five branches in the Sacramento area. The merger would give members access to a combined 23 locations across Northern California, Sierra Central said.\
Sierra Central Cites Scale, Technology Investment
Sierra Central characterized the proposed combination as a partnership between two financially strong, community-focused credit unions with similar cultures and priorities.
The credit union said the additional scale would allow the combined institution to invest more heavily in technology and digital services while expanding products, services and member access.
“Two strong local credit unions are coming together to do more — for you and for our communities,” Sierra Central said in announcing the proposed transaction.
Sierra Central said the credit unions share an emphasis on member service, financial strength, community involvement and employees.
The larger organization also would have greater resources to develop new products and services and make additional investments in financial education and community programs, according to Sierra Central.
The credit union said the combination is intended to provide additional scale without sacrificing the relationships members have with existing employees.
First U.S. Members to Vote
The merger must be approved by a majority of First U.S. members who participate in the vote.
If approved, the legal merger is expected to take place during the first six months of 2027. Sierra Central said combining operations, systems and other functions would then occur over a longer period extending through 2028.
The credit union said members would receive additional information about the merger, including important dates and changes affecting accounts and services, as the regulatory and member-approval process moves forward.
