For Immediate Release:
Santa Cruz County Employees Credit Union Merger into Bay Federal Credit Union Approved by Membership.
September 29, 2014
Capitola, CA – Santa Cruz County Employees Credit Union members have voted affirmatively to merge into Bay Federal Credit Union. The membership vote was finalized and accepted by the Santa Cruz County Employees Board of Directors during their September Board meeting.
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 56,115 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 in April 2014, and filed an application for the merger with the National Credit Union Administration and the State of California. After receiving approval from the federal and state government entities, the merger proposal was put to vote to the members of Santa Cruz County Employees Credit Union.
The Credit Unions are estimating that the legal merger will take place November 1, 2014, with the operational merger of accounts and branch location(s) by the second quarter of 2015. Santa Cruz County Employees Credit Union will continue to serve its members as “business as usual” at their branch location until the details around the operational merger are finalized.
Bay Federal Credit Union is committed to making the process as simple as possible, and will be waiving membership fees for members who want to make the move in advance. Affected members will be notified at least 45 days in advance of what to expect during the operational merger.
“We are encouraged by the resounding vote of confidence from our membership, which approved the merger with Bay Federal Credit Union,” 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 with Bay Federal Credit Union enables us to provide enhanced services to our membership, which will include Investment Services, a wider variety of mortgage loans and mobile banking with remote deposit capture, and much more.”
Carrie L. Birkhofer, President and CEO of Bay Federal Credit Union added, “We are excited to receive the vote of confidence from Santa Cruz County Employees Credit Union members. 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. We will continue to honor the long history of service and commitment to the local community.”
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
Contact: Amy Ivey, VP Marketing and Development
Bay Federal Credit Union