Small educators CU merges into fellow San Francisco institution
San Francisco Bay Area Educators Credit Union has merged into San Francisco Federal Credit Union.
The transition was effective Feb. 20, according to a press release on Thursday. The $17 million-asset San Francisco Bay Area Educators, which was founded in 1955, had roughly 2,000 members and one branch.
Members of San Francisco Bay Area Educators voted on the transaction in November, according to data from the National Credit Union Administration.
“San Francisco Federal Credit Union shares the same values, as we have demonstrated throughout our 65 years of service,” Jonathan Oliver, president and CEO of San Francisco Federal Credit Union, said in a press release. “Merging will allow us to offer more products, services, convenient branch locations and access than ever before.”
The $1.1 billion-asset San Francisco FCU has almost 47,000 members in San Francisco and San Mateo County. It earned $11.4 million in 2019, about double its income for the prior year.