Two Sacramento-area credit unions plan to merge in a deal that would create a new financial institution with $2 billion in assets.
The merger of Sierra Central Credit Union and First U.S. Community Credit Union must be approved by regulators and a vote of members, the firms said in a Thursday news release.
The combined companies will have more than 300 employees at 23 branches across Northern California, and serve more than 114,000 members.
No layoffs are anticipated as a result of the merger, the companies said.
Sierra Central, headquartered in Yuba City, would be the continuing firm.
“By bringing together two strong, community-focused credit unions, we’re creating an organization that’s better equipped to serve our members today while preparing for the needs of tomorrow,” Shonna Shearson, First U.S. Community CEO, said.
She will lead the merged company.
“This is a partnership, both organizations are uniting under a shared vision to better serve our members and communities,” Ron Sweeney, Sierra Central CEO, said. He will retire once the merger is completed.
The organizations intend to merge by early 2027, although integration will continue through 2028.
Sierra Central opened its first credit union at Beale Air Force Base in 1955. First U.S. Community was founded in 1936.
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The Sacramento Bee
Don Sweeney has been a newspaper reporter and editor in California for more than 35 years. He is a service reporter based at The Sacramento Bee.