San Diego-based North Island Credit Union and California Credit Union, headquartered in Glendale, will merge effective March 1.
North Island on Tuesday announced the deal had received approval from regulators and from its membership.
Steve O’Connell, chief executive of North Island, will become CEO of the combined organization. O’Connell, prior to his hiring in 2012 as head of North Island, was chief operating officer at California Credit Union.
California Credit Union CEO Ron McDaniel, who has led the Los Angeles-based organization for the past 13 years, will retire this year as scheduled.
The Glendale-based credit union brings to the merger $1.6 billion in assets, 13 branches throughout Los Angeles County and more than 88,000 members; North Island brings $1.3 billion in assets, 11 branches and 75,000 members.
The new credit union will be called California Credit Union, although its San Diego operations will retain the North Island name.
“This ‘merger of equals’ partnership combines two independently strong, successful credit unions with similar asset sizes, shared California roots, and complementary branch networks to bring greater value to their collective members, employees and communities,” North Island said in a statement. “Joining forces expands both credit unions’ California footprint, brings measurable economies of scale, and provides long-term growth opportunities.”