Wescom Credit Union and Central Coast Federal Credit Union Announce Plans to Merge in 2024

Wescom enters merger agreement with CCFCU, expanding the credit union’s reach and enhancing commitment to build better lives for more Californians

PASADENA, Calif.--(BUSINESS WIRE)--Wescom Credit Union and Central Coast Federal Credit Union (CCFCU) have entered into a merger agreement, announcing their intent to merge in the second quarter of 2024.

For nearly 90 years, Wescom has been dedicated to building better lives for members, team members, and communities in Southern California. “Given our commitment to delivering innovative products and services, the value we are able to pass to our membership through better rates, lower fees, robust access channels, and our unwavering focus on member service, we believe that we have the ability to expand our reach with this merger and build better lives for more Californians,” stated Darren Williams, President and CEO of Wescom. “Pending regulatory approval and a vote from the CCFCU membership, we believe this is a perfect union and will benefit our combined 240,000 members, soon to be nearly 900 team members, and the communities we serve.”

Upon merger, CCFCU’s four retail branches will convert to Wescom branches, expanding the Wescom footprint to 28 branches and facilitating the entry and growth into a new geographic region. CCFCU’s nearly 15,000 members throughout Monterey County will be welcomed as Wescom members and will have access to robust online and mobile banking products, 24 branches throughout Southern California (and growing), and a full range of banking products and services, including access to direct deposit two days sooner¹. Additionally, CCFCU employees will be welcomed as Wescom team members and will be provided with a wide range of benefits, training resources, and tools.

“We couldn’t be more excited for this next stage of growth for CCFCU. For more than 70 years, we have been committed to providing residents of Monterey County with valuable, personal banking services. That member-first focus enables us to seek strategic opportunities to improve the everyday banking needs of our members. This merger with Wescom will allow us to provide our members with a greater depth of product, technologies, access channels, and service,” remarked Leinette Limtiaco, President and CEO of CCFCU.

Driven by the shared philosophy of “people helping people,” both Wescom and CCFCU strongly believe in the strategic imperatives of member, team, and community. Through this upcoming merger, both organizations will be able to successfully drive greater impact within their communities. The Wescom Foundation, powered by a network of Wescom members and team members, is dedicated to making the communities it serves a better place through strategic grantmaking and engagement. The Foundation is investing more in nonprofit partners than ever before, totaling more than $3.8 million granted out to date.

Over the past few years, Wescom has been exploring potential merger opportunities to support the growth of the Credit Union. This merger will allow CCFCU’s members access to better banking and Wescom the opportunity to enter a new market and further its growth in the California market.

To learn more about this merger, please read Darren Williams’ letter to members on the website: https://news.wescom.org/presidents-message-accelerating-growth/

About Wescom Credit Union

Since 1934, Wescom Credit Union has been dedicated to helping people throughout Southern California build better lives. Headquartered in Pasadena, California, Wescom has 24 branches and offers advanced digital banking tools to provide essential banking solutions to more than 200,000 members. Benefits include free checking with eStatements, lower loan rates, higher savings yields, reduced fees, and a robust network of branches and ATMs. #WescomKindness is an extension of Wescom Credit Union’s nearly 90-year tradition of serving its community through such programs as The Wescom Foundation – the Credit Union’s employee-run charitable foundation. Wescom is federally insured by NCUA. For more information, please visit wescom.org.

About Central Coast Federal Credit Union

Nestled in the heart of Monterey County, California, Central Coast Federal Credit Union (CCFCU) is dedicated to building prosperous futures for the communities it serves. Established in 1949, CCFCU has four retail branches conveniently located in Seaside, Salinas, Soledad, and King City. CCFCU is focused on empowering its members by offering financial services and tools that drives success such as personal loans, credit cards, auto loans, home loans, as well as a solid platform for checking and savings accounts. Additionally, CCFCU is equally focused on the betterment of its communities through charitable giving and volunteerism. CCFCU is federally insured by NCUA. For more information, please visit centcoastfcu.com.

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^1	Wescom will post a member’s direct deposit when it is received, regardless of the settlement date. Early access to direct deposit funds is not guaranteed and is dependent on the timing of funding by the payer. Wescom does not control when the direct deposit is received.