Jonathan Oliver (left), president/CEO of San Francisco Federal Credit Union welcomes Alex Casillas (right), former CEO of My Credit Union. (Credit: San Francisco FCU)
The Redwood City, Calif.-based My Credit Union has officially merged with San Francisco Federal Credit Union, according to a statement released on Tuesday.
My Credit Union ($37 million in assets, 1,782 members) joined San Francisco FCU ($1.3 billion in assets, 45,444 members) to expand locations and services to its members located in San Mateo County.
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The merger went into effect Jan. 1, 2022.
"Our members overwhelmingly supported this merger with San Francisco Federal Credit Union because we share the same values and place the same strong emphasis on member service," My Credit Union President Alex Casillas said. "This merger provides our members with new products and benefits, and it increases their access to a wider branch network."
In a statement, San Francisco FCU President/CEO Johnathan Oliver said, "This merger allows us to further enhance the delivery of our services to our members in the greater San Mateo County area."
Last November, San Francisco FCU lost its 2018 breach of contract lawsuit against the San Francisco Municipal Transportation Agency. The credit union had sued the agency for more than $28 million after it was forced to foreclose on hundreds of taxi medallion loans.
A jury found that the city agency did not breach its lender agreement with San Francisco FCU. The credit union claimed the city generated about $64 million in revenue from the taxi medallion program, while the credit union lost millions in medallion loans it underwrote and financed.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
