Corporate Merger Mania: WesCorp FCU to Acquire Suncorp FCU

SAN DIMAS, Calif. – The consolidation of the corporate credit union network continues apace, with corporate giant WesCorp FCU expected to announce a deal to acquire Suncorp FCU as early as today. The deal comes as the ever-shrinking corporate network is in the process of digesting several mergers; WesCorp itself is completing its own acquisition of Volunteer Corporate FCU, the Tennessee corporate known as VolCorp. In addition, Northwest Corporate CU is in the processing of merging with Southwest Corporate FCU; Mid-States Corporate FCU recently completed its merger with Empire Corporate FCU to form Members United FCU; and several other corporates are considering combining forces in a trend that has seen the number of corporates shrink by a fourth over the last decade. A WesCorp deal for Suncorp would create a corporate with almost $30 billion in assets, more than twice as large as any other corporate, except for U.S. Central CU, the corporates’ corporate. WesCorp’s last merger was in 2005 when it acquired Pacific Corporate FCU, the Hawaii corporate; and before that in 1998 when it acquired Idaho Corporate FCU.