San Francisco Federal Credit Union acquires Summit Bank

The San Francisco Federal Credit Union is acquiring Oakland-based Summit Bank in an all-cash transaction.

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The acquisition strengthens the 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.

Once the deal is finalized, Summit Bank customers will become San Francisco Federal Credit Union members, gaining access to the credit union’s suite of products and services. Further, Summit Bank locations will be integrated into San Francisco Federal Credit Union’s branch network. A total of 10 San Francisco Federal Credit Union locations across the Bay Area 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,” Ray Shams, president and CEO of San Francisco Federal Credit Union, said. “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.”

Until the transaction is finalized, both organizations will continue to conduct business in the ordinary course.

“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,” Steve Nelson, president of Summit Bank, said. “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.”

The acquisition is anticipated to be completed in the first quarter of 2026, subject to requisite regulatory and shareholder approvals.

“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,” Shirley Nelson, Summit Bank Chairman and CEO, said.