Two California Credit Unions One Step Closer to Merger

SAN FRANCISCO – San Francisco Municipal Railway Employees Federal Credit Union on Wednesday said its members approved a merger into UNIFY Financial Credit Union of Torrance, Calif., by an "overwhelming majority vote."

UNIFY, which currently is transitioning its name from Western Federal Credit Union, has 187,000 members and more than $2.2 billion in assets. SFMREFCU has approximately 750 members and $5.1 million in assets.

According to the two credit unions, the merger plan has received all necessary approvals and is expected to be finalized early in June.

SFMREFCU's San Francisco branch will remain open, and all staff will remain with UNIFY. SFMREFCU members will become members of UNIFY and have access to seven additional branches in the Bay Area, plus a multi-state branch network and a 24/7 telephone contact center. "Members also will have a much more comprehensive product offering and a suite of free eServices with the latest banking technologies," the credit union said.

"We are delighted to have found such an outstanding merger partner that enhances our member offering in every way, with more convenience, more products, and even more personalized services," David J. McCray, Sr., SFMREFCU's board chairman, said in a statement. "Equally important, UNIFY is a great cultural fit with tremendous leadership and staff, and shared core values. We know UNIFY's extensive merger experience will make the integration process seamless, and could not be more enthusiastic about what we will be able to offer members and staff as part of the UNIFY team."

UNIFY CEO Gordon Howe said, "We are excited to welcome SFMREFCU members and staff into the UNIFY family, and offer them the advantages of a multi-state, multi-sponsor credit union dedicated to continuing their long heritage of personalized 'member-first' service. Together, we will better serve our combined membership in the Bay Area with additional local branches and services to meet their needs, supported by the resources of a full-service financial institution."

Earlier this year, SFMREFCU's McCray said the merger was necessary for a "smaller credit union with limited staff and financial resources" to compete in today's financial services market.

San Francisco Municipal Railway Employees FCU was founded in 1952 to serve railway employees in San Francisco.