Mid-States Corporate, Empire CorporatePlan To Merge
WARRENVILLE, Ill. - (12/14/05) Mid-States Corporate FCU and Albany,N.Y.-based Empire Corporate FCU have signed a non-binding letter ofintent to merge the two corporate credit unions. The letter ofintent allows the two credit unions to conduct discussions inconsideration of a merger, provides for the performance of duediligence, and allows joint planning for the combined organization,the corporates said. If approved, the combined corporate will havealmost $8.5 billion in assets and will serve approximately 25% ofthe nation's credit unions. Mid-States has offices in Indianapolisand Eagan, Minn. (reflecting mergers with corporates in thosestates), while Empire Corporate, which has a national FOM, hasoffices in Jamesburg, N.J., Sioux Falls, S.D., and Warwick, R.I.(representing mergers with corporates in those states). The creditunions cited economies of scale in seeking to merge. Theannouncement follows another corporate merger in recent months,with Volunteer Corporate in Tennessee planning to merge with SanDimas, Calif.-based WesCorp.