DOTHAN, Ala. — Five Star Credit Union has completed its merger with Georgia Coastal Federal Credit Union.
As part of the transaction, Five Star obtained $13.7 million in assets from Georgia Coastal and 1,848 members. The combined institution now serves 29,000 members and has $310 million in assets.
This merger occurred because Georgia Coastal FCU wanted to enhance their ability to meet the loan, deposit and ongoing expectations of its member-owners, according to a statement released Wednesday.
Five Star CU acquired Georgia Coastal FCU's sole office in Brunswick and now the company has three branches in Glynn County. Overall, Five Star CU operates 13 branches in Alabama and Georgia.
The integration of computer systems, member accounts and the services each credit union offers customers still needs to be finalized. This last phase is expected to be completed next month, Five Star said in the release.
"We believe the recovering economic conditions in Glynn County present an opportunity for our continued expansion there," said Robert Steensma, president and chief executive of Five Star CU. "Georgia Coastal's Brunswick office will continue to serve members before, during and after this process and we believe the members of Georgia Coastal will quickly realize the increased benefits Five Star offers."
Earlier this year, Five Star CU received approval from the NCUA to
