Two large California credit unions – North Island Financial and California Credit Union –announced their intention to merge Tuesday.

Headquartered in San Diego, North Island has assets of $1.24 billion. California Credit Union is headquartered in Glendale, Calif., and has assets of $1.53 billion.

“North Island is a natural fit as a merger partner with shared values and an absolute commitment to providing the best possible member experience in service, pricing and convenience,” California CU Board Chairman Walton Greene said.

“We are excited to take this next step with one very clear and simple goal: To ensure we continue to provide you with an extraordinary banking experience,” North Island said in a statement.

North Island President/CEO Steve O'Connell will become president/CEO of the merged credit union. The combined credit union will maintain dual headquarters in San Diego and Glendale. All board members from the credit unions will serve on the combined credit union's board of directors and supervisory committee.

The two credit unions already have something in common besides their home state: Before becoming president/CEO of North Island, O'Connell was the executive vice president/COO at California Credit Union.

During the peak of the 2008 to 2009 California recession, North Island was among credit unions at the top of the NCUA's watch list as a candidate for conservatorship or a merger.