Coast-Tel Federal Credit Union has merged with Bay Federal Credit Union.
Coast-Tel, based in Salinas, has more than 3,000 members in Santa Cruz and Monterey counties and manages $20 million in assets for local people. A majority of members voted in support of the merger, which was finalized Jan. 15.
Bay Federal maintains $996 million in assets, six branches and 21 ATMs in the Bay Area. They will take over operation of Coast-Tel’s one branch and operations on Feb. 1.
“We are very happy that our members have spoken in approval of the merger with Bay Federal Credit Union,” Judy Meyers, president and CEO of Coast-Tel Federal Credit Union, wrote in a news release. “This vote of confidence in the merger means that we have the opportunity to provide enhanced services to our membership, including wealth management and investment services, access to a wider variety of personal, home, and auto loans, and much more.”
Carrie L. Birkhofer, president and CEO of Bay Federal Credit Union, wrote that her organization is looking forward to adding Coast-Tel members to their services.
“We believe that this partnership will be mutually beneficial, and provide even greater options for our collective membership,” Birkhofer wrote. “We will continue to honor Coast-Tel’s long history of service and commitment to the local community.”
Meyers also wrote a message to shareholders on the Coast-Tel website, www.coast-tel.com.