California's Pacific Postal Credit Union in San Jose, which has been healthy despite some of its peers undergoing rough times, will be merging the $8.7 million East Bay Postal Credit Union of Oakland on July 1.
“East Bay's decision does reflect the competitive pressures and economies of scale felt by a number of small credit unions,” said Jan Meere, president/CEO of the $193 million Pacific Postal.
The consolidation of East Bay solidifies Pacific Postal as the primary credit union serving U.S. Postal Service and civil service employees in the Bay Area, Meere said.
In recent years, Pacific Postal has merged two other postal credit unions, San Francisco Postal Credit Union and the Postal Credit Union of Castro Valley.
Meere said the merger of East Bay would give its members access to mobile banking and other services “that would have been cost prohibitive for them.” Pacific Postal has 14,500 members while East Bay Postal has 1,700.
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