South Bay Credit Union was organized on February 10, 1953. The original credit union, Centinela-South Bay Credit Union, originally served the employees of the cities of Redondo Beach and Manhattan Beach and their families. Over the years, the Credit Union expanded its member groups to include other organizations throughout the South Bay area. This expansion primarily focused on the public sector, including local school districts, fire, and police departments.

In August 1993, the Credit Union changed its name to South Bay Credit Union. In August 1998, SBCU merged with Palos Verdes Schools FCU which provided a nice growth opportunity for the Credit Union.

After nearly 50 years serving the South Bay community, SBCU officially changed it charter and became a community-based credit union on February 28, 2002.