Pasadena, Calif.
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On Tuesday, the Pasadena, Calif.-based Wescom Credit Union ($6 billion in assets, 224,155 members) and the Seaside, Calif.-based Central Coast Federal Credit Union ($174 million in assets, 15,005 members) announced they have entered into a merger agreement that could go into effect by the second quarter of 2024.
If approved by members and regulators, the merger would expand Wescom's footprint into new markets, as well as support its continued growth in California. According to Wescom officials, they have been "exploring potential merger opportunities" for the past few years as part of the credit union's growth strategy.
In a prepared statement, Wescom President/CEO Darren Williams said, "Given our commitment to delivering innovative products and services, the value we are able to pass to our membership through better rates, lower fees, robust access channels and our unwavering focus on member service, we believe that we have the ability to expand our reach with this merger and build better lives for more Californians."
Darren Williams Williams added, "Pending regulatory approval and a vote from the CCFCU membership, we believe this is a perfect union and will benefit our combined 240,000 members, soon to be nearly 900 team members, and the communities we serve."
According to details shared about the merger agreement, all CCFCU employees "will be welcomed as Wescom team members."
CCFCU President/CEO Leinette Limtiaco said, "We couldn't be more excited for this next stage of growth for CCFCU. For more than 70 years, we have been committed to providing residents of Monterey County with valuable, personal banking services. That member-first focus enables us to seek strategic opportunities to improve the everyday banking needs of our members. This merger with Wescom will allow us to provide our members with a greater depth of product, technologies, access channels and service."
It's unclear if Limtiaco will remain with the newly-merged credit union.
If the merger is approved, the four CCFCU branches located in Seaside, Salinas, Soledad and King City will convert to Wescom and will increase Wescom's branch number to 28.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
