WAUSAU, Wis. — The members of $175 million Air Line Pilots Association FCU, voted to merge into $1 billion Connexus Credit Union, here, the two CUs announced Monday.
The merger, which created an institution with more than $1.2 billion in assets and 179,000 members, was effective July 8.
Both CUs have national charters, serving all 50 U.S. states. They said the combination was a "strategic merger" that joined two credit unions with "very similar philosophies and values."
"The merged credit union will offer its 179,000-plus members a stronger member experience by bringing together best practices of both credit unions, including optimizing and expanding member convenience through online services, call center, branch and ATM locations, as well as diversification of product and service offerings," the CUs said in a statement.
Steve Derebey, president and chair of Burr Ridge, Ill.-based ALPA FCU, said the smaller credit union's members will have available to them a "broader array of high quality products and services," allowing them to consolidate multiple financial institution relationships into one.
"Most appealing is that they will have access to 24-hour online and mobile banking, which will be very convenient to the airline pilot community," Derebey said. "Our goal is to become a full-service financial institution, from personal checking accounts, to home mortgage or home equity loans, to a worldwide network of ATMs. This is a huge leap for us and we are thrilled with the opportunity to join this organization that, almost overnight, will add tremendous value to our membership."
J. David Christenson, president and CEO of Connexus CU, said, "Bringing together two strong and financially sound credit unions provides a tremendous opportunity to collectively leverage the best of both organizations — it is a win-win for everyone."
Both CUs Report Healthy Numbers
Connexus Credit Union was chartered in 1935. Prior to this merger it had more than 174,000 members. It has been nationally recognized for excellence by Forbes, CNN Money, PC Magazine, AARP, Kiplinger and Bankrate.com.
In the first quarter of 2015, Connexus CU reported more than $2.1 million in net income. Its net worth ratio as of March 31 was 9.35% ("well capitalized").
In 2014 Connexus CU listed $9,284,020 in net income. Its net worth ratio as of Dec. 31, 2014, was 9.94% ("well capitalized").
Air Line Pilots Association FCU was founded in 1947. Prior to merging into Connexus it served more than 5,000 members, including members and employees of the Air Line Pilots Association, International.
In its most recent call report, ALPA FCU stated it had $150,779 in net income for the first quarter of 2015. Its net worth ratio as of March 31 was 9.93% ("well capitalized").
In 2014 ALPA FCU reported $614,959 in net income. Its net worth ratio as of Dec. 31, 2014, was 9.80% ("well capitalized").
