BETHALTO, Ill. — Laclede Community Credit Union and 1st MidAmerica CU have agreed to merge.
LCCU membership approved the merger on April 8, following approvals from the NCUA and Illinois Department of Financial and Professional Regulation. The merger is expected to be completed May 31, with the $509 million 1st MidAmerica here as the continuing credit union.
No layoffs will result from the merger, according to a published report.
"This strategic move will produce rewards for our members and our employees," said Perry Withers, president of the $69 million LCCU, based in Alton, Ill. "Our members will have access to more branches throughout the Riverbend area, better rates and more convenience through the additional services offered by 1st MidAmerica."
"This is a tremendous opportunity for our combined membership, bringing expanded convenience to all our members and internal efficiencies to the organization that will benefit our overall level of service," said Alan Meyer, 1st MidAmerica CEO.
