Long History and Partnership to Benefit Members throughout Monterey and Santa Cruz Counties
Capitola, CA – October 10, 2018 – Coast-Tel Federal Credit Union in Salinas, California, has taken the first steps to merge into Bay Federal Credit Union, pending regulatory approval and a vote by Coast-Tel Federal Credit Union members.
Coast-Tel Federal Credit Union has $20 million in assets and 3,200 members, one branch location, and one ATM. Bay Federal Credit Union has $995 million in assets and 71,000 members, and is based in Capitola, California. Bay Federal members have access to six branch locations, 21 proprietary ATMs, and surcharge-free access to over 30,000 ATMs nationwide through the CO-OP Network.
Coast-Tel Federal Credit Union President and CEO, Judy Meyers, announced her intention to retire after nearly 50 years of dedicated service. This, combined with the increasingly complex and competitive financial services landscape, led the Coast-Tel Federal Credit Union Board of Directors to seek a merger partner that would best further the strategic objectives of the organization and enhance services for its members.
Coast-Tel Federal Credit Union and Bay Federal Credit Union stated their volunteer Boards of Directors unanimously approved a merger agreement. The credit unions have filed an application for the merger with the National Credit Union Administration. Once approved, the merger proposal will be put to a vote to the members of Coast-Tel Federal Credit Union. With members approving the merger through the voting processes, the credit unions are estimating that the legal merger will be complete in early 2019. The operational merger of accounts will be finalized by mid- 2019.
“Our friends at Bay Federal Credit Union have been a great partner over the years. The merger opportunity enables us to provide enhanced services to our membership, with their long-term best interests in mind. Bay Federal’s focus on providing excellent member service, active community involvement, and collaborative culture are a natural fit for our members. Moreover, as a part of our intended merger agreement, the team at Coast-Tel will continue to serve our members at our branch location in Salinas.” stated Ms. Meyers. “I am pleased to know that after personally serving my membership for nearly 50 years, my members and employees will be well served by the Bay Federal team.”
“We are excited to pursue this merger opportunity with Coast-Tel Federal 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. I’ve had the distinct pleasure of working alongside Judy for several decades, and her passion for serving her members is unwavering and inspiring.” Carrie L. Birkhofer, President and CEO of Bay Federal Credit Union, added. “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 Coast-Tel Federal Credit Union members into our family and expanding our branch network to better serve all of our members throughout the Salinas-Monterey area. We are committed to investing in our partnership and our community for years to come.”
About Coast-Tel Federal Credit Union
Coast-Tel Federal Credit Union has a rich history since its inception in 1959 focusing on serving the needs of the local Pacific Bell employees and their family members. Coast-Tel expanded their reach to the broader community to include those who live, work, attend school, or worship in Monterey County. Since its inception, Coast-Tel has focused on service and being active in the community with a common goal of improving the financial lives of its members and future members. Today, it has grown to serve over 3,200 members with over $20 million in assets.
About Bay Federal Credit Union
Bay Federal is a full-service, not-for-profit financial institution that serves more than 71,000 members and 1,200 local businesses throughout Santa Cruz, San Benito, and Monterey counties. With more than $995 million in assets, Bay Federal Credit Union is the largest member-owned financial institution in Santa Cruz County, serving its members and the community since 1957. Since 2002, 100% of all employees have given their own money and volunteered for numerous local schools, nonprofit organizations, and community events.
Contact: Amy Ivey, VP Marketing and Development
Bay Federal Credit Union