SAN DIEGO – The California Department of Financial Institutions on Friday reported it has approved the merger of First Future CU with California Coast CU, creating one of the state’s biggest credit unions with almost $2 billion in assets.
The combined credit union will carry the California Coast CU name, and will have a total of 26 branches and 54 owned ATMs in two Southern California counties. Marla Shepard, president of First future CU, will be CEO of the new credit union, as Jim McPheters, long-time president of California Coast CU, is preparing to retire.
The deal is one of several combinations creating large credit unions in California: with SCE FCU planning to merge with First City CU; and Western CCU completing its acquisition of Toyota FCU.
Numerous large credit union mergers also are being engineered in other states: with Summit CU acquiring Great Wisconsin CU to create the state’s largest credit union; USA CU and T&C FCU combining to create Michigan’s fourth-largest credit union; and giant CommunityAmerica CU acquiring Midwest United CU, Missouri’s 10th-largest credit union.
