DULUTH, Ga. — Tiny $21 million Etowah Valley Federal Credit Union, headquartered in Cartersville, Ga., Tuesday said it intends to do a "strategic merger" into $1 billion Georgia United Credit Union, here.
The Georgia United board of directors said the proposed merger will serve the citizens of communities in Bartow County. All Etowah Valley FCU members will become members of Georgia United CU. Both credit unions have long histories of service in the Northern Atlanta area.
The proposed merger has been approved by both boards of directors but still is subject to regulatory and membership approvals. The plan is for the merger to be completed on Aug. 1. On Aug. 3, all branches of both CUs will reopen as Georgia United CU branches.
Lonnie Roberts, Etowah Valley Federal Credit Union board chair, said his CU's board had been exploring a partnership with "another like-minded credit union" for a number of reasons, including the desire to expand product and service offerings to members and increased competition in the area.
"Georgia United was our choice due to their strong financial health and commitment to member service," Roberts said in a statement. "We are excited to be able offer greater resources to our membership through Georgia United's expanded branch and ATM networks, mobile banking and mobile check deposit, and a member care call center with bi-lingual support."
Tom Dickson, Georgia United's board chairman, said, "Strategic mergers between healthy credit unions have become more common in recent years. When smaller credit unions intentionally partner with a larger credit union, it benefits both organizations as the smaller credit union has immediate access to additional services and delivery channels and the larger credit union gains additional members who are interested in their services. Georgia United is looking forward to this partnership to expand our reach into Bartow County."
Chartered in 1970, Etowah Valley FCU was established to offer basic services and personal loans to local manufacturing companies. Through one branch in Cartersville, Ga., it serves select employee groups including the City of Cartersville, Polk County School District and Gerdau, as well as other Bartow County communities. It currently serves approximately 3,000 members.
Chartered in 1958, Georgia United CU is one of the largest credit unions in Georgia with more than 130,000 members, 17 branches and more than 100,000 surcharge-free ATMs nationwide. Georgia United serves all State Agency employees, Board of Regents colleges and universities, employees of over 500 companies and 11 county school systems.
