LENEXA, Kan. – The Credit Union of Johnson County said yesterday it has completed the merger of Free State CU, the ailing one-time conglomeration of four smaller credit unions.
The combination gives members of Free State CU, the $9 million credit union which reported a $520,000 loss through the first three quarters, two additional branches in Lawrence and eight in new branches in total.
Free State CU was formerly called the Credit Union Group after a 2005 four-way merger of Free State CU, Metropolitan CU, Employees CU of Puritan Bennett and Colgate-Palmolive Employees CU, creating a $20 million institution. But the credit union was taken under conservatorship by NCUA in 2006 after management malfeasance and has reported consistent losses since then.
CU of Johnson County, the state’s fourth largest credit union with $210 million in assets, reported $800,000 in net income for the first three quarters of the year.
