ALEXANDRIA, Va.—NCUA reported Monday that it approved the combination of First Community FCU in Parchment, Mich., and E&A CU in Port Huron, creating another $1 billion credit union, Michigan's ninth.
First Community, located about 10 miles north of Kalamazoo, was chartered in 1938 as Parchment Employees FCU to serve the Kalamazoo Vegetable Parchment Co. It has more than $705 million in assets and reported $4 million of net income for the first three quarters of the year.
E&A, which has about $290 million in assets, was chartered in 1935 as St. Clair County Teachers CU and changed its name to Educational Associates CU in the 1970s. The CU reported $1.9 million in net income in the first half of the year and has not reported third quarter financials yet.
First Community has 17 branches in Michigan, Illinois and Wisconsin.
E&A has four branches in Michigan, in Port Huron, Fort Gratiot, Marysville and New Baltimore.
Cheryl DeBoer, president of First Community, will become the president and CEO of the new entity, while Janice Rose, head of E&A, will take on the role of chief community relationship officer. The merger agreement calls for the board of the new entity to have nine members - six from First Community and three from E&A. The number of board members is proportionate to each credit union&'s assets, they said.
NCUA also approved the merger of $84 million Chevron West FCU in Utah into $2.3 billion Chevron FCU in Oakland, Calif., the latest in the roll-up of Chevron credit unions; and also approved Great Lakes CU;s fourth merger, of Chicagoland Electrical Industry FCU.
