San Diego County Credit Union and California Coast Credit Union plan to merge, the financial institutions announced April 11.
The merger, subject to regulatory approval and a vote of Cal Coast members, would create a single institution under the California Coast Credit Union name with a significant footprint in Southern California, according to a news release. With combined assets of about $13.5 billion and 65 branch locations across San Diego, Orange, Riverside, San Bernardino, Imperial, Los Angeles, San Luis Obispo, Santa Barbara and Ventura counties, the single new entity would remain the fourth largest credit union in the state and become the 16th largest in the nation. The combined credit union would also have more than 1,400 employees.
“This merger creates a partnership between two large service-oriented and financially strong credit unions with deep, rich histories throughout Southern California,” San Diego County Credit Union President and CEO Teresa Campbell said in the announcement. “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.”
Under the merger, California Coast Credit Union President and CEO Todd Lane would lead the newly combined institution upon Campbell’s retirement, the news release stated. Both organizations will operate independently until the merger is completed, which is expected to be in early 2026, with systems being merged into 2027.
“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,” Lane said in the announcement. “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.”
The cooperatives operate under the National Credit Union Administration and California Department of Financial Protection and Innovation.
The merger brings together two member-based financial organizations with local roots going back nearly a century. San Diego County Credit Union is the county’s largest locally owned financial institution, while Cal Coast is the county’s longest-serving financial institution.
San Diego County Credit Union was first chartered in 1938 as San Diego County Employees Credit Union to provide financial services for local county government employees. It expanded its membership to include all San Diego County residents in the 1970s. Since then membership has expended to anyone living or working in Imperial, Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo, Santa Barbara and Ventura counties. The institution serves more than 425,000 members with 39 branches in San Diego, Riverside and Orange counties.
California Coast Credit Union was founded by teachers in 1929 and continues to support local educators, schools and universities. Cal Coast serves more than 200,000 members with 27 branches, 60 shared branch locations. Membership is available to anyone who lives, works or worships in Imperial, Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura counties.
