SANTA ROSA, Calif.— The $819-million Community First Credit Union here and $143-million Vocality Community Credit Union, based in Garberville, Calif., announced they intend to merge.
Pending customary regulatory approvals and a vote by VCCU’s membership, the deal is expected to be completed in 2025. Boards of both organizations have approved the combination, the CUs stated in a joint release.
CFCU and VCCU will continue to operate independently until the completion of the systems integration process. The newly combined organization will operate under the Community First Credit Union charter and name. Scott Johnson, president and CEO of Community First, will continue as the combined credit union’s president and CEO. Pat Neighbors, president and CEO of VCCU, will serve as chief strategy officer of the combined credit union.
“With this merger, we’re bringing together our strengths to build a more robust financial partner for our members and local communities,” said Johnson. “Our shared vision is to provide an exceptional digital banking experience, greater convenience and the innovative products and services our members expect. This merger is all about investing in our members’ futures, ensuring that we’re positioned to meet their needs today and tomorrow.”
“This collaboration with Community First Credit Union presents an incredible opportunity to expand the financial possibilities for our members,” said Neighbors. “Together, we’re combining decades of expertise and a mutual commitment to delivering the highest standards of service, access, and financial support. We’re thrilled to come together to create something exceptional for our members, employees, and local communities.”
CEO Advisory Group Analysis
"Increasingly, we are seeing more mid-sized credit unions considering a merger," said Glenn Christensen, president/CEO of CEO Advisory Group. "Credit union leadership teams are evaluating the best path forward to bring the greatest value possible to their members in the years ahead. They recognize economies of scale and growth are imperative to success. And, mergers offer the fastest, and least risky way to enhance value to members, employees and the community. Vocality Community CU and Community First CU should be commended for having a member-first vision."