Georgia-based Peach State Federal Credit Union and Beech Island Credit Union have merged, creating a $335 million institution.
Beech Island was founded in 1971 for employees of Kimberly Clark Organization. It later was awarded a community charter by the National Credit Union Administration. Its most recent Call Report showed just $6.6 million in assets and 1,131 members.
Beech Island held a special meeting of its members on Oct. 27, during which the membership approved the merger into Peach State FCU. All Beech Island members officially became Peach State members on Nov. 1.
The two credit unions said the merger demonstrates a "shared commitment" on the part of both CUs' boards and management to "grow stronger and remain highly competitive" in today's financial marketplace.
"The past couple of years have been a period of growth for Peach State as we expanded into the Augusta area with the mergers of Richmond Community FCU and RCT FCU. The merger with Beech Island gives us the opportunity to serve the entire Augusta area and ensures Beech Island's long term viability," Marshall Boutwell, Peach State FCU's president and CEO, said in a statement. "We can help Beech Island members and their families achieve their financial goals with the products and services that we offer, while providing additional branches in which to do their banking."
Joanne Harper, president/CEO of Beech Island CU, said, "We are genuinely committed to serving our community and this merger will allow us to serve our existing members as well as other credit union members in the Aiken/Augusta area more effectively. We are excited to be part of the Peach State team and we look forward to welcoming our members to a brighter financial future."
Peach State FCU serves nearly 49,000 members in Barrow, Clarke, DeKalb, Gwinnett, Jackson, Oconee, Richmond and Walton counties.
