First Future Credit Union and California Coast Credit Union have agreed to merge in a deal that would create the second-largest credit union in San Diego, with more than $1.8 billion of assets and 130,000 members.
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Only the $4 billion-asset San Diego County Credit Union would be larger.
The deal was announced last week, a few days before the April 1 retirement of California Coast chief executive Jim McPheters. First Future CEO Marla Shepard is expected to be chief executive of the post-merger institution.
Industry observers say they expect more credit union mergers as CEOs near retirement.
Last month, Summit Credit Union and Great Wisconsin Credit Union merged to create a $1.2 billion-asset credit union, Wisconsin's largest.
