Mergers & FOM
Big Mergers Rule The Day, Or Month
ALEXANDRIA, VA.-NCUA said it approved 30 credit union mergers in May, many of them combining two large credit unions. Georgia Telco FCU, ($986 million) joined the billion-dollar club with the acquisition of Hapeville (Georgia) Auto Employees FCU ($21 million). In addition; KeyPoint FCU, Santa Clara, Calif. ($670 million) was approved to merge with West One FCU, Livermore, Calif. ($75 million); Kemba Financial CU, Columbus, Ohio ($310 million) with Core One CU, Columbus ($135 million); and RTN FCU, Waltham, Mass. ($385 million) with Unified FCU, Peabody, Mass. ($160 million). Also, Self-Help CU, Durham, N.C., the nation's largest community development credit union, was cleared to acquire Cape Fear FCU, in nearby Wilmington, N.C. ($12 million).
First Resource, United Federal Merge
ST. JOSEPH, MICH.-NCUA has approved the merger of First Resource Federal Credit Union and United Federal Credit Union.
United FCU members are slated to vote on the merger July 27. The credit unions said they hope to have the merger completed this fall.
Dave Weichhand, CEO of First Resource Federal Credit Union will be the CEO of the merged entity, while UFCU CEO Duane Nelson will serve as EVP.
Although it is UFCU's charter that will be dissolved through the merger, the merged entity will retain the United FCU name.
First Resource Federal Credit Union serves 50,000 members and has $480 million in assets.
United Federal Credit Union is based in Buchanan, Michigan and has 22,000 members and assets of $215 million.
Menorah FCU Unites With Century FCU
CLEVELAND, OHIO-Menorah FCU is merging with Century FCU, effective Aug. 1. The $400,000 Menorah FCU has served Cleveland's East Side Jewish community for more than 40 years and currently has 250 members.
Century FCU is the largest credit union Northeast Ohio, serving 23,000 members from six branches.
"Our merger with Menorah FCU will allow Menorah members to continue to receive the benefits of credit union membership," said Gary Easterling, CEO of CFCU. "We believe our expanded suite of products and services will permit the members to obtain greater value as a result of the merger."
Michigan CUs Form SageLink
FLINT TOWNSHIP, MICH.-Genessee First FCU and Shiawassee Community CU have merged to create SageLink CU.
The merged entity has five branches, 21,000 members, 93 employees and $140 million in assets.
Shiawassee Community Credit Union was started 80 years ago as a teachers credit union. Genessee First was chartered 60 years ago.