CHICAGO – The consolidation of the corporate network continued yesterday, with two ongoing mergers completed: Southwest Corporate FCU with Northwest Corporate FCU and Members United Corporate FCU with Central CU Fund, the nation’s oldest corporate.
Members United, which is absorbing Massachusetts-based Central CU Fund, will have more than $13 billion in assets and serve 2,300 credit unions nationwide. Central CU Fund, based in Auburn, Mass., was chartered in 1932 as the nation’s first corporate credit union, and has 210 member credit unions.
The acquisition of Northwest Corporate will make Southwest Corporate the second largest corporate, with $14 billion in assets. Dallas-based Southwest will continue to operate a Northwest Regional office in Portland, Ore., to provide high-touch service to members in Oregon, Washington, Idaho and Alaska, and will serve credit unions in 43 states.
WesCorp FCU, which has more than $30 billion in assets, is the largest corporate, outside of U.S. Central FCU.
