Two major San Diego County credit unions — San Diego County Credit Union and California Coast Credit Union — have announced a plan to merge under the California Coast Credit Union name.
The combined credit union would be ranked fourth in the state and have almost $13.5 billion in assets and more than 1,400 employees, the credit unions said in a news release. It would have a presence across Southern California, in San Diego, Imperial, Los Angeles, Orange, Riverside, San Bernardino San Luis Obispo, Santa Barbara and Ventura counties.
The merger must pass two hurdles: approval from the California Department of Financial Protection and Innovation, and a Cal Coast Credit Union membership vote.
If approved, the merger is expected in early 2026, and systems would continue to be integrated into 2027.
SDCCU, originally chartered in 1938, has more than 428,000 members and 39 branch locations in San Diego, Riverside and Orange counties. Cal Coast, which was started by teachers in 1929, has more than 200,000 members, 27 branches and 60 shared branch locations through the CO-OP credit union network.
“There are no plans to close branches,” said Todd Lane, the president and CEO of Cal Coast, who will become the combined credit union’s new leader.
In a news release, Lane also said the merger will not result in job losses.
“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. Additionally, no jobs will be lost as a result of the merger as both organizations are committed to retaining talent and providing opportunity for growth.”
Teresa Campbell, the president and CEO of SDCCU, who plans to retire, said the merger creates a partnership between two “financially strong credit unions with deep, rich histories throughout Southern California.” She added that the merger will help produce “a stronger, more resilient organization that is ready and able to embrace the evolving financial services landscape.”
San Diego County Credit Union is the seventh largest credit union in California by both deposit and asset size, according to the National Credit Union Service Organization, a nonprofit group.
California Coast Credit Union is the longest-serving financial institution in San Diego, the news release said.
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