Proposed Partnership with
California Coast Credit Union
We are pleased to announce that the Board of Directors of First Future Credit Union and California Coast Credit Union have filed applications with regulators to join together to become the second largest credit union in San Diego with over $1.8 billion in assets.
First Future Credit Union has become the fourth largest credit union in San Diego by combining credit union memberships. Over the years members of Santel Federal Credit Union, Kearny Mesa Financial Credit Union, Copley Federal Credit Union, Guidant members of Eli Lilly Credit Union, and others joined together to create a more convenient, more secure and more efficient structure to provide members’ a cooperative source for banking service.
You Have a Voice
What does this mean to the members? The same as our previous consolidations: more branches, highly competitive rates and all the same friendly, knowledgeable employees. After the California Department of Financial Institutions and the NCUA carefully review and approve the member benefits in our applications, members will be asked to vote on the merger.
More Branches
The oldest credit union in San Diego, California Coast Credit Union was formed in 1929 to serve the educational community. With 66,000 members, over $900 million in assets, $78 million in member capital, and 11 branches, California Coast is equal to First Future in size and financial soundness. Overlapping branches will be reinvested into new branch locations.
Very Competitive Rates
The combined credit union offers a great opportunity for economies of scale. Cost savings will occur in consolidating headquarter buildings, data processing systems, regulatory compliance and improved purchasing power. These cost savings will be returned to members in more competitive rates.
Same Friendly Employees
This is not a bank merger designed to make money for stockholders. This is a credit union consolidation created to benefit our members. No layoffs as a result of the partnership are planned. Both credit unions share the same quality member service and employee satisfaction strategies, and both have achieved exceptional scores in the same national member and employee satisfaction surveys.
Fred Walters will be the Chairman of the combined Board of Directors, Marla Shepard will be the President and CEO, and Kathy Cady, California Coast, will be the Chief Operating Officer.
Continued Financial Strength
Solid financial performance makes this union possible. Both credit unions are financially sound. Neither credit union is involved in the sub-prime lending market. Individually, both face the challenges of increasing costs. There are still many details to finalize and the regulators must approve the member benefits of the partnership. With almost $180 million in member capital, the partnership will enhance the base required for continued success and safety.
Please feel free to call us at 800/693-3333 if you have any questions.
Sincerely,
Marla K. Shepard, President/CEO
Fred Walters, Chairman
