Putting Your Interests First

Terminating SDCCU's Merger Agreement with California Coast Credit Union

Background on the Proposed SDCCU-California Coast Credit Union Merger

In April 2025, we entered into a merger agreement with California Coast Credit Union. Post-signing, SDCCU’s preparatory integration work revealed systemic non-compliance by California Coast Credit Union with California’s credit union regulatory framework, including alarming statements from CEO Todd Lane that substantiated SDCCU’s serious concerns about the governance, accountability and regulatory culture at California Coast Credit Union.

Despite SDCCU proposing multiple solutions that would have addressed California Coast Credit Union’s noncompliance while preserving the transaction, senior California Coast Credit Union leadership made it clear they were unwilling to meaningfully change their compliance posture.

Because of these persisting issues and our duty to protect our members, SDCCU had no responsible alternative but to inform California Coast Credit Union of its intent to terminate the deal – an action that was expressly permitted under the terms of the merger agreement, which allow termination for material breaches that were not cured.

Read Our Letter to Members