NCUA O.K.s Huge CU Roll-UP
BLOOMINGTON, Ill. - (06/08/06) NCUA has approved theunprecedented combination of a dozen credit unions serving StatFarm Insurance agents and employees into a single credit uniongiant with more than $3 billion in assets. The mega-merger must nowbe approved by members of the individual credit unions.Bloomington-based State Farm Great Lakes FCU, itself the result ofa three-way merger in 2004, will be the surviving entity. The rareroll-up is part of a four-year consolidation of 23 U.S.-based StateFarm credit unions. The new credit union will be called State FarmFCU and will be headed by Tom Dewitt, current president of StateFarm Great Lakes FCU. The presidents of the other 11 State Farmcredit unions will stay on to manage what will become branchlocations of the newly created credit union giant. One board memberfrom each credit union will join the new board, in addition to fourboard members from State Farm Great Lakes. Others involved in themerger are State Farm California FCU, Bakersfield; State FarmCentral, Columbia, Mo.; State Farm Florida FCU, Winter Haven; StateFarm Great Western FCU, Tempe, Ariz.; State Farm Heartland FCU,Lincoln, Neb.; State Farm Mid-America FCU, Newark, Ohio; State FarmMid-Atlantic FCU, Frederick, Md; State Farm Northeast FCU, BallstonSpa, N.Y.; State Farm Pacific Northwest FCU, Dupont, Wash.; StateFarm Southern FCU, Duluth, Ga.; and State Farm Texas FCU,Austin.