Tiny Hanna Employee Credit Union, Kenosha, Wis., will merge into $1.6 billion Educators Credit Union, Mount Pleasant, Wis., the two CUs said Thursday.
Hanna Employee CU said it approached Educators about the merger, seeing it as an “opportunity” for its members to have access to more services that meet their needs.
Hanna Employee Credit Union’s membership currently is at 55 members, and it holds just $170,000 in assets. Its members will automatically become Educators Credit Union members through the merger. On Friday, March 31, Hanna CU will officially close and pass on all loan and share information to Educators. On Saturday, April 1, Educators will open its new members’ accounts with the balances and terms it has been provided.
A balance verification letter with the March statement information will be sent to the new members to confirm that their information is correct, the two CUs explained.
Hanna Employee CU said by becoming Educators Credit Union members, its members will have an opportunity to access a “full menu of services to meet their financial needs.” In addition, Educators CU is offering an incentive for Hanna members: if they start a direct deposit with their new credit union, Educators will give them $100.
“We think this merger will be very beneficial for Hanna Employee Credit Union members,” Linda Hoover, Educators Credit Union’s CEO, said in a statement. “The new Pleasant Prairie branch has recently opened and will give them a convenient location to manage their finances with our first-class member services.”
