PASADENA, Calif. —Two California credit unions have announced plans to merge.
The $6-billion Wescom Credit Union and the $174.3-million Central Coast CU, which is based in Seaside, Calif., 320 miles north in Monterey County, said they are seeking to combine in the second quarter of 2024.
Wescom reported $15.977-million in net income at midyear, with capital at 7.88%. Central Coast posted a $137,467 loss and capital of 7.53% as of the same date. Central Coast has not yet filed its member disclosure statement with NCUA and its announcement did not include details around what management changes will occur.
“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,” Wescom President and CEO Darren Williams said in a statement. “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.”
Upon merger, the credit unions said CCFCU’s four retail branches will convert to Wescom branches, expanding the Wescom footprint to 28 branches and facilitate Wescom’s expansion into a new region of the state.
‘Excited’ About Combination
“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,” said CCFCU President and CEO Leinette Limtiaco. “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.”
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