News Summary

San Diego County Credit Union and California Coast Credit Union are set to merge, creating a financial institution with $13.5 billion in assets. The merger requires approval from regulators and member votes, with a planned completion by early 2026. The combined entity will be the fourth largest credit union in California, maintaining all existing branches and jobs to strengthen community service efforts.

Big News for San Diego: Credit Unions Are Merging!

San Diego is buzzing with excitement as two major financial institutions, San Diego County Credit Union (SDCCU) and California Coast Credit Union, have announced their plans to merge! This proposed merger is set to form a massive institution with a whopping $13.5 billion in assets. If you’re a local member or simply curious about what this means for the community, grab a seat and let’s dive in!

A New Credit Union Giant on the Horizon

With this merger, the two credit unions will operate under the name of California Coast Credit Union. But hold your horses! Before we get too excited, this merger still requires approval from the California Department of Financial Protection and Innovation and a vote from the members of California Coast Credit Union. Members will have their say on this proposed change in the near future, with an anticipated completion date set for early 2026. Don’t worry; the full integration of systems will unfold gradually, stretching into 2027.

Why is This Important?

So, what does this mean for you? If everything goes smoothly, this newly formed credit union will position itself as the fourth largest in California and the sixteenth largest in the entire country. Can you imagine? This merger is not just about numbers; it’s about a stronger community presence with 65 branches all over Southern California! Locations will span across several counties, including the bustling areas of Imperial, Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo, Santa Barbara, and Ventura.

Keeping Jobs and Branches!

For those concerned about employment and local access, there’s good news! Both SDCCU and California Coast Credit Union have emphasized that there are no plans to close any branches as a result of this merger. With over 1,400 employees combined, these organizations are committed to keeping their talented teams intact. Additionally, Teresa Campbell, the current president and CEO of SDCCU, is planning to retire after the merger, while Todd Lane from California Coast Credit Union will take the reins of the new organization.

A Rich History

For a little perspective, SDCCU was established way back in 1938 and currently serves more than 428,000 members with 39 branches in San Diego, Riverside, and Orange counties. On the flip side, California Coast Credit Union has a rich history dating back to 1929, originally formed by teachers, and serves over 200,000 members through 27 branches and 60 shared branch locations. This merger is set to unlock even more opportunities for members and improve community service capabilities.

Staying Safe Amid Change

As with any big announcement, it’s also essential to keep your wits about you. Local credit unions have cautioned members to be on the lookout for potential scams. If you receive any suspicious texts asking for personal information, it’s best to steer clear and not engage. Member safety is a top priority.

What’s Next?

As plans progress, both credit unions will keep their members informed about the merger and voting process via their respective websites. This merger isn’t just a big deal, it represents a combined strength that is designed to create a more resilient organization capable of adapting to changes in the financial services landscape.

In summary, this merger between San Diego County Credit Union and California Coast Credit Union is a substantial step forward for the couple, future members, and the communities they serve. Exciting times are ahead for San Diego, shaping a robust future for banking in the region!