Tiny Employees First Credit Union, St. Paul, Minn., has merged into $650 million Ideal Credit Union, headquartered in Woodbury, Minn., the two CUs announced Wednesday.
Employees First CU had $12.8 million in total assets and just 1,066 members, according to the National Credit Union Administration.
The deal was approved by the boards of both institutions, and was approved by NCUA and the Minnesota Department of Commerce. Members of EFCU reportedly voted “overwhelmingly” to merge with Ideal during a Special Meeting last October. The merger became effective Jan. 1.
A $250 merger dividend was paid to every EFCU member in good standing. The EFCU office at 2250 Wabash Avenue in St. Paul will be rebranded and remain open, the two parties said, adding all EFCU employees have been retained and are now part of the Ideal team.
A review of the four most recent year-end Call Reports for Employees First Credit Union shows EFCU lost $2.8 million in 2016 after reporting $798,773 in net income in 2015. EFCU had $552,377 in earnings in 2014. In 2013, it was barely in the black, earning $9,485.
According to Ideal CU, the merger brings EFCU members “greater value and convenience from their credit union membership,” including:
- More branches – Ideal has 6 branches, located in Eagan, Hugo, Inver Grove Heights, North St. Paul, Stillwater and Woodbury.
- A broader array of products and services, including debit rewards, credit cards, checking, mortgage and title services, investment services, and more.
- Full suite of electronic banking services, including online banking and bill pay, mobile banking, mobile check deposit, MasterPass Digital Wallet, Apple Pay, Samsung Pay and Android Pay.
- Competitive rates
- Annual VIP+ patronage dividend payback to members.
- Community support and outreach
- CO-OP Shared Branching, which enables members to visit thousands of branches and ATMs at participating credit unions across the country at no charge.
“One of Ideal’s primary goals is to help members ‘Live the Ideal Life’ by providing excellent member service along with competitively priced products and services to meet all of our member’s financial needs,” Brian Sherrick, Ideal CU’s president and CEO, said in a statement. “We are excited to bring the ‘Ideal difference’ to EFCU members and their families through this merger/partnership.”
Ideal Credit Union was founded in 1926, and today serves 50,000 members.
