Heartland, Farmers credit unions in Kansas to merge

Heartland Credit Union in Hutchinson, Kansas, and Farmers Credit Union in Hays, Kansas, have agreed to merge.

The $473 million-asset Heartland announced Thursday that it struck a deal to combine with the $17 million-asset Farmers, a move that would give Farmers members access to an expanded suite of financial services and providing Heartland with an additional location to serve members who attend Fort Hays State University.

“Our goal at Farmers Credit Union has always been to do what is right for our members,” Darren Walters, board chair of Farmers Credit Union, said in a press release. “After evaluating several options and having extensive discussions regarding the future of the credit union, the decision to partner with Heartland Credit Union became clear.”

The combined institution would operate under the Heartland name and leadership team to oversee more than $500 million of assets and 33,000 members. Members of both credit unions are expected to vote on the deal in the first quarter.

The credit unions plan to enter into a joint management agreement to appoint the next leader of Farmers, after it president and CEO, Guy Forell, announced his plans to leave the credit union this year to pursue a coaching position for the nearby university’s rodeo team.

“We are excited for the opportunity to welcome Farmers Credit Union members to Heartland,” Dan Springer, president and CEO of Heartland, said in the release.