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California-based Bay FCU to absorb smaller, in-state peer

Salinas, Calif.-based Coast-Tel FCU is seeking to merge into Capitola, Calif.-based Bay FCU.

The proposed merger requires regulatory and Coast-Tel FCU member approvals. The legal merger is expected to be completed in early 2019, with the operational merger of accounts to be finalized by mid-2019.

Coast-Tel FCU President and CEO Judy Meyers' announcement of her intention to retire, combined with the "increasingly complex and competitive financial services landscape," led the credit union's board to seek a merger partner, according to a press release.

Bay FCU has assets of $995 million and 71,000 members, while Coast-Tel FCU has $20 million in assets and 3,200 members, according to the release.