Credit Unions in Louisiana & California Plan to Complete Bank Acquisitions in 2026

OnPath said its acquisition is a strategic expansion into St. Tammany Parish, one of Louisiana’s fastest-growing regions. The parish's population rose from 264,520 in 2020 to an estimated 275,582 in 2023, according to the U.S. Census Bureau.

Established in 1924, the federally chartered savings bank was organized by a group of leading citizens in rural Covington who funded a loan association to help people save for and build their own homes.

Today, Heritage Bank’s 23 employees operate four locations in Covington, Madisonville and Slidell and serve 8,800 customers. Managing $156 million in deposits and $152 million in loans, the bank posted net income of $490,000 and $19.2 million in capital, at the end of the second quarter, according to FDIC financial filings.

“This acquisition is more than a milestone. It’s a mission-forward step that aligns with our values and vision for the future,” OnPath President/CEO Jared Freeman said. “We are incredibly proud to welcome Heritage Bank of St. Tammany into our credit union family. This is an opportunity to expand access to our people-over-profits model and continue delivering exceptional financial service to the residents of St. Tammany Parish and beyond.”

OnPath’s 253 employees operate 17 locations that serve more than 84,000 members. The credit union manages $789 million in loans and $99.3 million in equity, according to NCUA financial performance reports.

“We are excited to join forces with OnPath Credit Union - a respected, values-driven organization with a proven track record of service and growth,” Heritage Bank of St. Tammany CEO David Crumhorn said. "This combination allows us to offer even greater value to our clients while preserving the local relationships and service culture they’ve come to trust.”

Since opening in 1982, the Summit Bank in Oakland has delivered traditional banking services and financial products to small and mid-size business, professionals and individuals.

Summit Bank’s 35 employees operate three locations in Oakland, Walnut Creek and Emeryville. The bank manages $222 million in deposits, $191 million in loans and $48.4 million in capital, according second quarter FDIC financial filings.

Summit Bank President Steve Nelson said San Francisco Federal Credit Union wants to come into Alameda and Contra Costa Counties and expand the products and services available to the bank’s borrowers and depositors.

“They want our staff to continue to provide the exceptional level of service that has been the foundation for Summit and that has kept customers loyal to our institution,” Nelson said. “We are confident that in passing the torch to San Francisco Federal Credit Union, our values of professionalism, accountability and giving back to the community will be continued.”

The number of clients served by Summit Bank was not disclosed.

This marked San Francisco FCU’s first proposed bank acquisition and the second credit union-bank deal proposed in the Golden State this year. In January, the $1.4 billion Frontwave Credit Union in Oceanside announced plans to acquire the $320 million Community Valley Bank in El Centro, Calif., for $56.4 million in cash. 

San Francisco FCU’s 110 employees run seven locations and serve more than 51,000 members. The credit union manages $552 million in loans and $138.6 million in equity, according to NCUA financial performance reports.

“We are thrilled to welcome Summit Bank customers and employees to the San Francisco Federal Credit Union family,” San Francisco FCU President/CEO Ray Shams said. “Community is central to our mission, and as we grow, we look forward to continuing to contribute to the economic vitality of Bay Area communities. We are committed to helping our members achieve their financial goals while fostering strong local partnerships.”

These proposed acquisitions marked nine credit union-bank buy deals publicly announced this year.

Peter Strozniak can be reached at pstrozniak@cutimes.com.