San Francisco Credit Unions Merge
San Francisco Bay Area Educators CU consolidates with the city’s largest financial cooperative, San Francisco FCU.
The $1.1 billion San Francisco Federal Credit Union said Thursday it completed a merger agreement with the $17.1 million San Francisco Bay Area Educators Credit Union.
S.F. Bay Area Educators CU was chartered in 1955 and served 1,464 members.
Throughout the years, S.F. Bay Area Educators CU has focused on providing financial support to teachers by offering competitive products and services.
“San Francisco Federal Credit Union shares the same values, as we have demonstrated throughout our 65 years of service,” Jonathan Oliver, president/CEO of San Francisco FCU, said. “Merging will allow us to offer more products, services, convenient branch locations and access than ever before.”
S.F. Bay Areas Educators CU’s sole branch will remain open, increasing San Francisco FCU’s branch network to seven.
Like many small credit unions, S.F. Bay Area Educators CU faced mounting competitive pressures to consolidate. Over the last five years, the credit union has seen varying declines in its net worth, market share, loans, assets and membership, according to NCUA financial performance reports.
San Francisco was once home to 27 credit unions. In addition to San Francisco FCU, there are now only five other active credit unions. Those five financial cooperatives manage combined assets of less than $50 million.