San Francisco Federal Credit Union has merged with My Credit Union in Redwood City, California.
The $1.3 billion-asset San Francisco FCU said the $37 million-asset My Credit Union’s 2,000 members will bring total membership at the combined institution to nearly 50,000.
“Our members overwhelmingly supported this merger with San Francisco Federal Credit Union because we share the same values and place the same strong emphasis on member service,” Alex Casillas, president of My Credit Union, said in a press release. “This merger provides our members with new products and benefits, and it increases their access to a wider branch network.”
My Credit Union was founded in 1963 and serves the community of San Mateo County.
“This merger allows us to further enhance the delivery of our services to our members in the greater San Mateo County area,” Jonathan Oliver, president and CEO of San Francisco Federal Credit Union, said in the release.
San Francisco FCU earned $847,000 in 2021; it reported a loss of $31.4 million for 2020, according to call report data from the National Credit Union Administration.
