SAN DIEGO -- First Future CU and California Coast CU said today they have agreed to combine in the latest credit union mega-merger, creating a credit union 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.
Marla Shepard, president of First Future CU will be CEO of the new credit union giant. Jim McPheters, president and CEO of California Coast CU, plans to retire on April 1 but said he will stay on until the huge deal gets regulatory approval.
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.
California Coast CU has $910 million in assets and reported net income of $604,000 for 2007. First Future CU has assets of $945 million and had net income of $4.9 million in 2007.
