SAN DIEGO — Two big players in the San Diego market have announced their intent to merge: $944 million First Future Credit Union and $907 million California Coast Credit Union.
The two state-charted credit unions plan to submit applications to the California DFI and NCUA today, with member voting scheduled for late April and hopes for regulator approval by June 30.
Though First Future has a larger asset size, California Coast will be the surviving institution.
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"There isn't one dominant thought or philosophy, we're truly coming together as equals. This is not an acquisition of any kind," said Marla Shepard, First Future CEO and new California Coast CEO, if the merger is approved. Current CaliforniaCoast CEO Jim McPheters announced his 2008 retirement last fall.
Despite headlines out of the Golden State of foreclosures, credit union layoffs and NCUA intervention, both merger candidates are reporting solid financials–First Future's net worth ratio is 10.68%. However, Shepard said slow growth, tough competition, unfriendly yield curves and rising operational expense fueled her desire to merge.
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