The $664 million SF Police Credit Union said Friday it would be merging the $8 million 1st Choice Federal Credit Union of Castro Valley, Calif.
SFPCU said the merger was approved by the smaller credit union at its annual meeting on Thursday. The merger is expected to take place July 29, pending regulatory approval.
"Merging with SFPCU will provide us with the scale and efficiencies to ensure that our members will continue to have access to competitively priced loans, additional savings and investment products and services, as well as account access," said Serenidad “Nadie” La Rosa, manager of 1st Choice.
The 1,600-member credit union is listed by the NCUA as a multiple common bond organization primarily serving healthcare workers. It was founded in 1963 to serve employees of Eden Medical Center.
"This merger brings together two credit unions with complementary strategic visions and a commitment to member satisfaction. By joining together, the organization will find an expanded footprint in terms of geography and membership, as we move to continue to serve first responders," said Michael R. Sordelli, president/CEO of 29,000-member SFPCU in San Francisco.