Proposes to Merge into Bay Federal Credit Union
CAPITOLA – Santa Cruz County Employees Credit Union has taken the first steps to merge into Bay Federal Credit Union, pending regulatory approval and a vote by Santa Cruz County Employees Credit Union members.
Santa Cruz County Employees Credit Union, based in Santa Cruz, California, has $26.8 million in assets and 2,590 members, one branch location and one ATM. Bay Federal Credit Union has $704 million in assets and 55,468 members. Bay Federal members have access through seven branch locations, 22 proprietary ATMs and surcharge-free access to over 30,000 ATMs nationwide through the CO-OP Network.
The two Credit Unions stated their volunteer Boards of Directors unanimously approved a merger agreement. The next steps are for the Credit Unions to file an application for the merger with the National Credit Union Administration and the State of California. Once approved, the merger proposal will be put to vote to the members of Santa Cruz County Employees Credit Union. The Credit Unions are estimating that the merger will be complete in late 2014.
“Our friends at Bay Federal Credit Union have been a great partner over the years,” stated Trey Dunbar, Santa Cruz County Employees Credit Union President and CEO. “The regulatory environment has changed to the point that it is costly and difficult for small Credit Unions, like Santa Cruz County Employees Credit Union, to compete. The merger opportunity with Bay Federal Credit Union enables us to provide enhanced services to our membership. Their focus on providing excellent member service, active community involvement, and collaborative culture are a natural fit for our members, who always come first.”
Carrie L. Birkhofer, President and CEO of Bay Federal Credit Union added, “We are excited to pursue this merger opportunity with Santa Cruz County Employees Credit Union. Both organizations started as a vision of a few coworkers who pooled their financial resources together to help one another in the 1950s. This philosophy of ‘people helping people’ remains true and strong today, and is evidenced in the work and collaboration among Credit Unions. We believe that this partnership will be mutually beneficial, and will provide even greater options to our collective membership. We are looking forward to welcoming Santa Cruz County Employees Credit Union members into our family.”
About Santa Cruz County Employees Credit Union
Santa Cruz County Employees Credit Union is a full-service, not-for-profit financial institution that serves over 2,500 members including employees of governmental agencies in Santa Cruz County and select local non-profit agencies. With over $26 million in assets, Santa Cruz County Employees Credit Union has been serving its membership since 1953. www.sccecu.org
About Bay Federal Credit Union
Bay Federal is a full-service, not-for-profit financial institution that serves over 55,000 members and 1,000 local businesses throughout Santa Cruz, San Benito and Monterey Counties. With over $700 million in assets, Bay Federal Credit Union is the largest member-owned local financial institution in Santa Cruz County, serving its members and the community since 1957. For over 11 consecutive years, 100% of all employees have given their own money and volunteered for numerous local schools, nonprofit organizations, and community events. www.bayfed.com