Two large CUs announce merger (Image: Shutterstock).

California’s largest credit union, the $14.8 billion SchoolsFirst Federal Credit Union in Santa Ana, and the $1.9 billion Schools Financial Credit Union in Sacramento said Tuesday they have reached a tentative agreement to merge by the end of the year.

The combined credit union will operate under the SchoolsFirst FCU name and charter. Bill Cheney, president/CEO of SchoolsFirst FCU, will serve as president/CEO of the combined cooperative, which will maintain its headquarters in Santa Ana. Tim Marriott, president/CEO of Schools Financial CU, will join the SchoolsFirst FCU executive leadership team.

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