Corporate America, LaCorp To Partner, Explore Merger
Corporate America CU and Harahan, La.-based Louisiana Corporate CU (LaCorp) said they will partner on select products and services that complement each other's offerings.
The corporates, which have signed an agreement to explore a merger, are not merging, saying they will determine "down the road" whether the timing is right for such a move.
"Organizations usually merge first and then begin the process of combining products and services," said David Savoie, CEO of LaCorp. "Instead, we want to see where we complement each other and where we don't, and how we can pursue joint ventures to create the greatest advantage and synergies for our member credit unions."
Thomas Bonds, CEO for Corporate America, said members had indicated an eagerness for the combination of products and services. "That may or may not lead to combining back-office operations later on," Bonds said.
Initial offerings will include Corporate America's remote-capture service being presented to LaCorp's members, and offering some of LaCorp's payment services to Corporate America's members.