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The $9.1 billion San Diego County Credit Union (SDCCU) and the $3.3 billion California Coast Credit Union announced Friday they plan to merge by 2026, marking the industry’s largest proposed consolidation so far this year.
If approved by regulators and California Coast members, the combined financial cooperative would manage nearly $13.5 billion in assets, $7.7 billion in loans, and more than 1,400 employees who would operate 65 locations and serve over 635,000 members throughout Imperial, Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo, Santa Barbara and Ventura counties.
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Following the expected legal merger to be completed by early next year, the combined organization would operate as Cal Coast under the leadership of President/CEO Todd Lane. SDCCU President/CEO Teresa Campbell is expected to retire, according to the credit unions’ joint statement.
“This merger creates a partnership between two large service-oriented and financially strong credit unions with deep, rich histories throughout Southern California,” Campbell said in a prepared statement. “Together, we can offer members, employees and the communities we serve access through expanded branches and ATMs, plus a stronger, more resilient organization that is ready and able to embrace the evolving financial services landscape.”
Lane noted there will be no job losses as a result of the proposed consolidation.
“The member and employee value resulting from this combination of our financially strong organizations is outstanding,” he said. “Together, our joint strengths position us to achieve greater success and provide even greater opportunity to expand our community impact.”
Peter Strozniak can be reached at [email protected].
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
