Bay Area Credit Unions Merge to Start the New Year

Jonathan Oliver (left), president and CEO of San Francisco Federal Credit Union greets Alex Casillas (right), former CEO of My Credit Union. (Credit: FCU of San Francisco)

My Credit Union, based in Redwood City, Calif., has officially merged with the San Francisco Federal Credit Union, according to a statement released Tuesday.

My Credit Union ($37 million in assets, 1,782 members) joined FCU San Francisco ($1.3 billion in assets, 45,444 members) to expand locations and services to its members located in San Mateo County.

The merger became effective on January 1, 2022.

“Our members overwhelmingly supported this merger with the San Francisco Federal Credit Union because we share the same values ​​and place the same emphasis on member service,” said My Credit Union President Alex Casillas. “This merger provides our members with new products and benefits, and increases their access to a broader branch network.”

In a statement, FCU San Francisco President and CEO Johnathan Oliver said, “This merger allows us to further improve the delivery of our services to our members in the greater San Mateo County area.

Last November, the 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 seize hundreds of taxi medallion loans.

A jury found the city agency did not violate its lender agreement with the 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 funded.

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