SAN DIEGO - First Future CU and California Coast CU said last week they have agreed to combine in the latest credit union mega-merger, creating a CU with more than $1.8 billion in assets and 130,000 members.
The new institution, to be called California Coast CU, will be the second largest in San Diego, exceeded only by $4 billion San Diego County CU.
The latest mega-merger follows the combination earlier this month of Summit CU and Great Wisconsin CU to create Wisconsin’s largest credit union with $1.2 billion in assets.
The merger comes just as California Coast CU CEO Jim McPheters is set to retire April 1. First Future CU CEO Marla Shepard is expected to become the CEO of the merged institution.
As the giant Baby Boom generation marches toward retirement, a number of credit union mergers have been predicted on the theory that some credit unions–especially small ones–will opt to merge rather than seek a new CEO.
