Coast-Tel merger into Bay Federal Credit Union complete
CAPITOLA, CA (July 12, 2019) — The merger of Coast-Tel Federal Credit Union into Bay Federal Credit Union has officially completed as of July 1, 2019.
Salinas, CA-based Coast-Tel FCU and Bay Federal had announced an intention to merge in September 2018 after their Boards of Directors unanimously approved a merger agreement. After receiving approval from the National Credit Union Administration, the merger proposal was put to vote and approved by the Coast-Tel membership.
Coast-Tel became a division of Bay Federal Credit Union on February 1, 2019. The conversion of accounts to Bay Federal was completed, and the former Coast-Tel location in Downtown Salinas opened for business as a branch of Bay Federal Credit Union on Monday, July 1.
“We are honored to welcome our newest Salinas members to the Bay Federal family,” said Bay Federal Credit Union President and CEO Carrie Birkhofer. “We are also excited to expand our branch network and better serve all of our members throughout the Salinas-Monterey area. We will continue to honor Coast-Tel’s long history of service and commitment to the local community.”
Manny Escarcega, recently announced as the AVP/branch manager of the new Salinas location, echoes these sentiments.
“As a Salinas Valley native, I am excited to return to my community,” Escarcega said. “I look forward to making a real difference in the financial lives of our membership in Salinas.”
About Bay Federal Credit Union
Bay Federal Credit Union is a full-service, not-for-profit financial institution that serves over 86,000 members and 2,400 local businesses throughout Santa Cruz, San Benito, and Monterey counties. With more than $1.6 billion in assets, Bay Federal is the largest member-owned financial institution in the region. The organization has been proudly serving its members and the community since 1957. Bay Federal is a certified Community Development Financial Institution, with a primary mission of promoting community development alongside their financial activities. Bay Federal has an award-winning employee volunteer program in which employees have given their own money and volunteer for numerous local schools, nonprofit organizations, and community events each year.