Conserved Tenn. credit union merges into ORNL FCU
More than a year after entering conservatorship, Mid East Tennessee Community Credit Union has merged into Oak Ridge, Tenn.-based ORNL Federal Credit Union.
Mid East Tennessee Community had $10.3 million in assets at the time of the merger, down from $12 million when it entered conservatorship. It had two branches and served approximately 1,550 members, about 300 fewer than when it was conserved.
The National Credit Union Administration did not give a reason for the conservatorship but its call reports indicate a trend of declining net worth.
The merger expands ORNL’s existing community charter to include Meigs, McMinn and Rhea counties, all of which are contiguous to the 16 counties the $2.5 billion-asset institution was already serving. Mid East Tennessee Community’s two branches are set to be rebranded as ORNL facilities in the future, and all staff at the smaller credit union are expected to be retained.
METCCU members will gain access to additional products and services as a result of the merger, including mortgages and other consumer loans, increased digital services and access to 28 branches across the region.
METCCU lost more than $213,000 during the first half of 2020, an improvement over 2019 when it lost more than $593,000 during the first six months of the year, according to call report data from the National Credit Union Administration.