Mergers and acquisitions
The $818 million Community First Credit Union of Santa Rosa, Calif., and the $143 million Vocality Community Credit Union (VCCU) of Garberville, Calif., said recently they plan to merge in 2025 if they secure approvals from regulators and members.
Based on estimated projections, the combined credit unions would manage $965 million in assets, operate 12 locations and serve more than 70,000 members throughout Sonoma, Lake, Marin, Mendocino, Napa, Humboldt, Trinity and Mendocino Counties.
The combined financial cooperative would operate under the Community First Credit Union charter and name.
Community First President/CEO Scott Johnson would continue to lead the combined organization and VCCU President/CEO Pat Neighbors would serve as chief strategy officer, according to a Nov. 6 joint prepared statement.
“With this merger, we’re bringing together our strengths to build a more robust financial partner for our members and local communities,” Johnson said. "Our shared vision is to provide an exceptional digital banking experience, greater convenience and the innovative products and services our members expect. This merger is all about investing in our members’ futures, ensuring that we’re positioned to meet their needs today and tomorrow.”
VCCU said it plans to hold town hall meetings for its members to discuss the merger. The first one will be held at the Mateel Community Center in Redway on Dec. 4, at 6 p.m.
“This collaboration with Community First Credit Union presents an incredible opportunity to expand the financial possibilities for our members,” Neighbors said in a prepared statement.
If VCCU secures approvals from the NCUA and the California Department of Financial Protection and Innovation, VCCU members would be asked to vote on whether to green light the proposed consolidation.
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