SANTA ANA, Calif.–A mega CU combination is happening in this state—$15.2-billion SchoolsFirst FCU here and $1.9-billion Schools Financial CU, based in Sacramento, announced they intend to merge.
The combined credit union will operate under the SchoolsFirst Federal Credit Union name and charter.
Bill Cheney, president/CEO of SchoolsFirst, and Tim Marriott, CEO of Schools Financial, in a joint statement pointed to “strong synergies” the merger would achieve to benefit members of both institutions.
“We are aligned in so many ways,” Cheney said. “We share a founding principle of serving school employees and their families, a member- and team member-centric culture, and a commitment to providing unique and highly competitive products and services to help better members’ financial wellbeing.”
SchoolsFirst FCU has been serving school employees and their families since 1934. With more than 860,000 members, over $15.2 billion in assets and 50 branches throughout Southern California, SchoolsFirst FCU is the largest credit union in California and the largest in the country serving the educational community.
Schools Financial Credit Union was formed in 1933 by a small group of teachers to provide members with access to low-cost loans. Today the credit union serves more than 150,000 members, with $1.9 billion in assets and 11 branches in the Sacramento area.
Both credit unions said they have developed and maintain strong relationships with many K-12 school districts, community colleges and universities, and school employee associations throughout California, and have earned reputations for providing exceptional service to their members.
“By joining our two thriving credit unions and combining our resources, we are able to better serve our collective members—and those to come—in helping them build a secure financial future,” Marriott said.
“We’re excited about how our combined members will benefit from this union of two financially strong credit unions. They’ll have access to a full range of highly competitive, low- to no-fee products and services—from savings and loans to investment, retirement and insurance—many designed specifically for the unique needs of school employees. In addition, members will have access to more than 60 branches and over 300 credit union ATMs spanning California, and the 30,000 fee-free CO-OP ATMs nationwide.”
Following approval by Schools Financial Credit Union membership and regulatory authorities, the merger will be completed before the end of the year, the CUs stated. Cheney will continue to serve as president/CEO of SchoolsFirst FCU, which will maintain its headquarters in Santa Ana, Calif. Marriott will join the SchoolsFirst FCU executive leadership team.