SAN DIEGO – California Coast CU, which doubled in size with last year’s merger of First Future CU, is adding another $130 million with the acquisition of Financial 21 Community CU, pushing it close to $2 billion in assets. The combination of the three San Diego credit unions comes as the southern California real estate crash shows few signs of abating.
Financial 21 Community is a privately insured credit union that reported a $1.6 million loss for the first quarter, the last report available. California Coast, which posted a huge $50 million loss for 2008, has improved its performance after the integration with First Future, trimming losses to $5.2 million in the first quarter, while reporting an $8.1 million operating net for the second quarter.
After completion of the merger Gene Roberts, CEO for Financial 21 the past 14 years and a fixture in the credit union movement since 1968, will be retiring.
Marla Shepard, who had been CEO of First Future and now heads California Coast, said that beginning October 5, Financial 21 members will be able to access all California Coast branch locations and products and services.
