Wescom CU & Central Coast FCU Agree to Merge in 2024
If approved by regulators and members, the merger could be finalized by Q2 of next year.
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.”
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.