WAUSAU, Wis. - Members of Minneapolis-based Endura Financial Federal Credit Union voted to approve a proposed merger into Connexus Credit Union effective Oct. 1, creating a CU with assets exceeding $990 million.
The combined credit union will have more than 139,000 members. The two CUs said the combination will result in expanded member convenience through online services, branch and ATM locations, as well as diversification of product and service offerings.
Douglas Young, president and CEO of $350 million Endura Financial FCU, said the "strategic merger" joins two credit unions with "very similar" philosophies and values. He said both share "rich legacies" of serving employees, families and retirees of major corporations, as well as local communities.
"This is an exciting time for Endura members and staff as we celebrate our shared 'members-first' philosophy and enhance the member experience by providing access to a broader array of high quality products and services," Young said in a prepared statement.
J. David Christenson, president and CEO of $640 million Connexus CU, said, "Bringing together two strong and innovative credit unions provides a tremendous opportunity to collectively leverage the best of both organizations - it's a win-win for everyone."
Connexus CU currently serves more than 112,000 members in all 50 U.S. states and abroad. It was founded in 1935.
In its most recent call report, Connexus had more than $7.8 million in net income in the first half of 2014. Its net worth ratio as of June 30 was 8.07%, making it well capitalized.
In 2013 Connexus had more than $5.7 million in net income, after paying $278,261 to the Temporary Corporate CU Stabilization Fund. Its net worth ratio was 8.28%, making it well capitalized.
Endura Financial FCU likewise is a national credit union, with 27,000 members in all 50 states and abroad. It was chartered in 1929.
In its most recent call report, Endura had more than $1.2 million in net income in the first half of 2014. Its net worth ratio as of June 30 was 13.69%, making it well capitalized.
In 2013 Endura had almost $3.2 million in net income, after paying $237,853 to the Temporary Corporate CU Stabilization Fund. Its net worth ratio was 13.38%, making it well capitalized.
