A rare merger of two billion dollar credit unions in California became effective today.
The $1.6 billion California Credit Union in Glendale and the $1.2 billion North Island Financial Credit Union in San Diego announced Tuesday that their consolidation has received regulatory approval as well as approval by a majority vote of the North Island membership. The credit union did not release the final results of the membership vote.
The merger makes California CU the 13th largest cooperative in the Golden State with $2.8 billion in assets, more than 165,000 members and 24 branches across Los Angeles and San Diego counties.
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