Central CU Fund, Members United Merger Approved by Mass. Division of Banks

AUBURN, Mass. and WARRENVILLE, Ill.–The Central Credit Union Fund and Members United Corporate FCU announced Wednesday the Massachusetts Division of Banks has approved the application of the two corporates to merge. The final regulatory approval needed for the merger is from NCUA, the two corporates said. If approved, Central Fund will merge into Members United later this year. Member contact staff in Massachusetts, as well as a Central Fund office in Massachusetts, will be retained. Back office functions will be consolidated into Members United’s existing infrastructure. Central Fund’s members will be well represented in the new organization at both the officer and volunteer levels. “Our member credit unions are very excited about this merger with Members United, a premier corporate, as evidenced by their overwhelming support to merge at a special in-person meeting on June 12,” James Van Arsdale, president and CEO Central Fund, said in a release. “Of note, 82% of those members voting supported the merger. This strong showing exceeded our expectations, and speaks volumes about their support.” Added Joseph Herbst, CEO or Members United: “We are very pleased that the Massachusetts Division of Banks has given their approval of this merger. Of note, during the comment period there were no submissions against it. This merger will benefit Central Fund’s member credit unions with a broader array of competitive products, and provide the depth of resources they need in today’s competitive financial marketplace.”