Two Southern California credit unions are proposing a merger that would create the 16th largest credit union in the United States.
San Diego County Credit Union and California Coast Credit Union said Friday that they plan to combine — pending the approval of regulators and members of the latter financial institution — in a deal that’s expected to be finalized in early 2026. The footprints of the two credit unions overlap in a heavily populated region that stretches from the border near Tijuana to the central California coast.
Though San Diego County is the larger of the two credit unions, the combined institution will be known as California Coast Credit Union, according to the merger announcement.
California Coast President and CEO Todd Lane will lead the combined organization, concurrent with the retirement of San Diego County President and CEO Teresa Campbell, the two credit unions said.
No jobs will be lost as a result of the merger, according to Lane.
“Together, our joint strengths position us to achieve greater success and provide even greater opportunity to expand our community impact,” Lane said in a press release.
As of the end of 2024, San Diego County Credit Union had $9.2 billion of assets, 427,820 members and 844 full-time employees, according to regulatory data. Its 39 branches are located in San Diego, Riverside and Orange counties, but it is also open to those living or working in Los Angeles, San Bernardino, Santa Barbara, Ventura, San Luis Obispo and Imperial counties.
Meanwhile, California Coast Credit Union had $3.4 billion of assets, 207,723 members and 533 full-time employees at the end of last year, according to regulatory data. Its doors are open to anyone who lives, works or worships in Los Angeles, Orange, San Diego, Riverside, San Bernardino and Ventura counties.
“This partnership will change the financial landscape of Southern California,” said Campbell, who’s been CEO of San Diego County Credit Union for nearly 15 years, in a video announcement to customers. “This merger is about partnership and growth. It’s about uniting two financially strong, community-focused credit unions that will continue to provide the exceptional service you expect and deserve.”
The two credit unions, both of which are headquartered in San Diego, are billing the deal as a way to provide customers access to more branches and ATMs.
“Strategic mergers offer a unique opportunity to combine strengths, expand our impact and adapt to the evolving financial landscape,” Lane said in the video.
The proposed merger is the latest deal between larger credit unions. Last September, Digital Federal Credit Union and First Tech Federal Credit Union announced plans to combine into a $28.7 billion-asset entity.
The growth of larger credit unions has drawn pushback from banks. Last month, the Independent Community Bankers of America
Credit union advocates say that banks are pushing back against competition from a sector that’s chipping into the banking industry’s profitability. They also point to tax benefits for publicly traded banks that operate under Subchapter S corporation status.