San Francisco Federal Credit Union will acquire Summit Bank’s three branches in Oakland, Emeryville, and Walnut Creek, enhancing services and access for new and existing customers.
SAN FRANCISCO & OAKLAND, Calif.–(BUSINESS WIRE)–San Francisco Federal Credit Union, a leading financial institution with seven branches in San Francisco and San Mateo Counties, and Summit Bank, a respected community bank serving the East Bay since 1982, jointly announced today that they have entered into a definitive agreement whereby San Francisco Federal Credit Union will purchase substantially all the assets and liabilities of Summit Bank in an all-cash transaction. This strategic move, the second of its kind in California, strengthens San Francisco Federal Credit Union’s ability to provide financial solutions for individuals and families, expands commercial services for all member businesses, and increases its branch presence in the Bay Area. Following unanimous approval by both boards, the acquisition is anticipated to be completed in the first quarter of 2026, subject to requisite regulatory and shareholder approvals.
Summit Bank customers will become San Francisco Federal Credit Union members, gaining access to the credit union’s extensive suite of products and services, including competitive rates and digital banking innovations. Summit Bank locations will be integrated into San Francisco Federal Credit Union’s branch network, for a total of ten San Francisco Federal Credit Union locations across the Bay Area that will provide local support and enhanced banking services for all members.
“We are thrilled to welcome Summit Bank customers and employees to the San Francisco Federal Credit Union family,” said Ray Shams, President and CEO of San Francisco Federal Credit Union. “Community is central to our mission, and as we grow, we look forward to continuing to contribute to the economic vitality of Bay Area communities. We are committed to helping our members achieve their financial goals while fostering strong local partnerships.”
“This transaction with San Francisco Federal Credit Union is only the second announced credit union and bank transaction in California and one that rewards our loyal shareholders for supporting us for many years. San Francisco Federal Credit Union wants to come into Alameda and Contra Cost Counties and expand the products and services available to our borrowers and depositors. They want our staff to continue to provide the exceptional level of service that has been the foundation for Summit and that has kept customers loyal to our institution,” said Steve Nelson, President of Summit Bank. “We are confident that in passing the torch to San Francisco Federal Credit Union, our values of professionalism, accountability, and giving back to the community will be continued.”
“Since 1982 it has been the goal of Summit Bank to make a difference in our community, provide exceptional customer service and outstanding financial performance for our loyal shareholders. As we combine Summit Bank with San Francisco Federal Credit Union I am convinced that our customers will continue to see the can-do philosophy as our staff will continue into this larger financial institution that has the same values of Summit Bank. While it has been difficult to let go of something that I started over 43 years ago, I still plan to be involved supporting Summit Foundation. It has been a great run and know that the customers and staff will be well taken care of with San Francisco Federal Credit Union,” said Shirley Nelson, Summit Bank Chairman and CEO.
San Francisco Federal Credit Union and Summit Bank customers will continue receiving top-tier financial services without any expected disruption. Until the transaction is finalized, both organizations will continue to conduct business in the ordinary course. For more information, customers can visit our website or contact their local branch for details about the transition.
CEO Advisory Group, Bancorp I, Inc. and McQueen Financial Advisors acted as financial advisors to San Francisco Federal Credit Union and Luse Gorman, PC and SW&M, LLP is serving as legal counsel to San Francisco Federal Credit Union. Hillworth Securities, LLC acted as financial advisor to Summit Bank and Gary Steven Findley & Associates is serving as legal counsel to Summit Bank.
About San Francisco Federal Credit Union
San Francisco Federal Credit Union has been serving San Francisco since 1954 and is not-for-profit and member owned. Anyone who lives, works, worships or attends school in San Francisco or San Mateo Counties is eligible for membership. San Francisco Federal Credit Union is federally insured by the National Credit Union Administration and is an Equal Housing Lender. We provide banking, lending and investment services to nearly 47,000 members and have assets of $1.3 billion, with nine branches across San Francisco and San Mateo Counties. For more information, visit SanFranciscoFCU.com
About Summit Bank
Summit Bank, headquartered in Oakland, California, was founded in 1982 by Shirley Nelson and a group of investors with the vision of creating a community-focused financial institution. As the oldest woman-founded bank in California, Summit Bank has maintained a consistent record of profitability, achieving profits every quarter since its inception. The bank operates three branches located in Oakland, Emeryville, and Walnut Creek, serving small to medium-sized businesses, professionals, and individuals with a range of tailored financial products and services.
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements are not historical or current facts and often include words like “enhancing,” “believe,” “expect,” “intend,” “plan,” “will,” or similar terminology. Certain factors that could cause actual results to differ materially from those expected include failure to receive or delayed receipt of required regulatory or shareholder approvals, facts or events that delay or complicate the integration of Summit Bank’s operations into San Francisco Federal Credit Union’s business, and legislative and regulatory changes that adversely affect San Francisco Federal Credit Union’s and/or Summit Bank’s businesses.
Contacts
Evette Davis
[email protected]
415-385-4863
