Together. One Credit Union. More for you.
Our regulators, the National Credit Union Administration and the California Department of Business Oversight, have approved the proposed merger of Schools Financial Credit Union and SchoolsFirst Federal Credit Union. The next step is to gain your approval . A Notice of Special Meeting and Ballot are included with this letter. This includes information related to the proposed merger and how you can vote by mail, in-person, or electronically at
As a member-owned financial cooperative, it’s our responsibility to represent your best interests. Through this proposed merger, Schools Financial Credit Union members can look forward to:1
- An additional $6.75 million in savings annually, from lower rates on loans, higher rates on deposits and reduced fees, according to information compiled by the Credit Union National Association and Datatrac.
- A special one-time dividend, with a total of up to $4.0 million, that will be distributed on a pro rata basis to eligible members if the merger is approved.2
- Access to more locations and ATMs throughout California.
- Access to more specialized programs and benefits tailored to fit the unique needs of school employees and their families.
SchoolsFirst FCU has earned a reputation for providing exceptional member service along with highly competitive financial products and services. They are the largest credit union in California and the fifth-largest credit union in the nation.
We, along with the senior management of both Credit Unions, are excited to combine our teams’ knowledge, expertise and passion for serving members. Please know that the local employees and leadership will continue to provide the same personalized care you’ve come to expect, and our local 11 branches will remain open to serve you.
We want you to feel confident and well-informed during the voting process. Please reference the enclosed Notice of Special Meeting and FAQs we’ve included for more details about what this merger means for you.
Your vote is very important. We have scheduled a special meeting to discuss the merger on December 12 at 5:30 PM at our headquarters, 1485 Response Road, Suite 126, Sacramento, CA 95815, which will be the final day for members to return their ballots or vote electronically.
You can also submit comments regarding the merger to the National Credit Union Administration (NCUA) at https://www.ncua.gov/support-services/credit-union-resources-expansion/resources/comments-proposed-credit-union-mergers. You may also mail your comments to: National Credit Union Administration, Office of Credit Union Resources and Expansion, 1775 Duke Street, Alexandria, VA 22314. The NCUA will post comments received from members on its website, along with the member's name, subject to the limitations and requirements of its regulations.
If you have questions, please visit one of our branches or call us at 916 -569-5400 or toll-free at
Thank you for your membership.
Schools Financial CU Board of Directors
1 See pages 2 and 3 of the enclosed Notice for more details.
2 Such distribution will take place on a one-time (pro-rata) basis, with individual dividends being calculated based on average month-end deposit balances in the six (6) month period from June 1, 2019 to November 30, 2019, in accordance with the formula on page 2 of the enclosed Notice. See the enclosed Notice for more details.