California Credit Union will merge effective Wednesday with North Island Credit Union to serve Los Angeles and San Diego counties.
The Glendale financial institution will join its 13 branches with the 11 operated by North Island. The combined credit union will be known under the California Credit Union name with North Island retaining its name for the San Diego area and operating as a division of the merged institutions.
California Credit Union ranked No. 3 on the Business Journal’s credit union list last year with assets of $1.6 billion and deposits of $1.3 billion from its more than 90,000 members. It has more than 300 employees.
Walton Greene, board chair of California Credit Union, said the two institutions were a great cultural, financial and strategic fit.
“There is no question that the economy of scale advantages and expertise of our combined organization will enable us to bring much more long-term value to members,” Greene said in a prepared statement.
Chief Executive Ron McDaniel will not stay on with the combined credit unions as he was already scheduled to retire this year. North Island Chief Executive Officer Steve O’Connell will head up the institution.