BILOXI, Miss. — The Mississippi Department of Transportation (MDOT) FCU here is set to merge with Keesler FCU at the end of March.
MDOT will assume the name Keesler FCU, and the absorbing credit union will retain MDOT's Jackson branch and employees. The move also means that all MDOT employees in Mississippi will be able to join Keesler FCU, effective March 31.
John Goff, president and CEO at Keesler FCU, said in a statement that, "This merger is mutually beneficial to the membership of both credit unions."
Whereas Keesler has branches throughout the south and even overseas (at three U.S. Air Force installations in the United Kingdom), along with more than $2 billion in assets, MDOT has less than $5 million in assets and serves only 938 members.
According to its December 2013 call report, MDOT FCU lost more than $85,000 last year, and has just $2 million in loans on its books, concentrated primarily in new and used auto lending and first mortgages.
