On July 21, 2025, San Francisco Federal Credit Union (“SFFCU”), San Francisco, California, announced that it had entered into a definitive agreement to acquire substantially all the assets and assume substantially all the liabilities of Summit Bank (“Summit”), Oakland, California.

SFFCU has approximately $1.33 billion in assets and operates nine branches across San Francisco and San Mateo Counties.

Summit has approximately $287.1 million in assets and operates three branches across Alameda and Contra Costa Counties.

Luse Gorman is serving as legal counsel to SFFCU in the transaction. The Luse Gorman team consists of Jeff Cardone, Michael Brown, Brendan Clegg, Keeler Fina, and Trevor Kline.

Luse Gorman has acted as counsel on more than 150 bank and credit union merger transactions during the past ten years and on more bank and credit union merger transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.