News Summary

California Coast Credit Union (Cal Coast) and San Diego County Credit Union (SDCCU) plan to merge, potentially creating a combined entity with nearly $13.5 billion in assets. This merger, which would result in the fourth largest credit union in California and the 16th largest in the U.S., aims to enhance services and expand their reach across numerous counties. Members can expect job retention and clear communication throughout the merger process, with the anticipated official merger date in early 2026.

Exciting News for California! Major Credit Union Merger on the Horizon

Big Changes Ahead for Cal Coast and SDCCU

In a move that has many folks in the Golden State buzzing with excitement, California Coast Credit Union (Cal Coast) and San Diego County Credit Union (SDCCU) have announced their plans to merge into a mega financial institution. With regulatory approval and a membership vote from Cal Coast still on the table, the potential creation of a combined entity boasting nearly $13.5 billion in assets has some serious implications!

The Bigger Picture

If everything goes according to plan, this merger would make the newly formed credit union the fourth largest in California and the 16th largest in the entire United States. That’s no small feat! With a combined armory of resources, the credit union aims to provide an enhanced financial service experience to its members while expanding its reach across various counties including Imperial, Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo, Santa Barbara, and Ventura. With a total of 65 branch locations in operation, members will have convenient access to the services they need.

Employment Prospects Remain Bright

One of the most relieving pieces of news for both organizations is that the merger is not expected to lead to any job losses. Cal Coast and SDCCU have both committed to retaining their talented workforce and are keen on providing growth opportunities for their employees as the new entity takes shape. This should create a sense of security and stability during an otherwise transitional phase.

Timeline for the Merger

So, when can we expect to see this financial powerhouse officially in action? The anticipated merger date is set for early 2026, with full systems integration expected by 2027. As the days count down, members of both credit unions can look forward to clear communications from both organizations regarding the merger process. This will be conducted through their respective websites, ensuring everyone stays informed every step of the way.

Leadership Changes on the Horizon

With any merger comes shifts in leadership roles, and this transition is no different. Todd Lane, the current president and CEO of Cal Coast, will take the helm as the president and CEO of the new merged credit union. In a bittersweet twist, Teresa Campbell, SDCCU’s current president and CEO, will be stepping down to enjoy a well-deserved retirement following the merger.

Name Game

While the merging entities will become a single organization, it has been decided that the new credit union will keep the name California Coast Credit Union. This is a comforting choice for current members as it maintains a familiar identity in an ever-changing financial landscape.

Stay Alert for Scam Alerts

As exciting as this news is, current members are being advised to remain vigilant. Reports of a scam text message circulating that claims to provide details about how the merger will affect accounts have surfaced. Members should be cautious and avoid clicking any links provided in such messages!

In summary, this merger between California Coast Credit Union and San Diego County Credit Union represents an impressive opportunity for growth in California’s financial services landscape. With commitment to retaining jobs, a solid plan for informing members, and a focus on enhancing services, this partnership looks to pave the way for a stronger future for its members. Hold on tight, California! Exciting times are just around the corner!

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California Coast Credit Union and SDCCU to Merge