Peach State Federal Credit Union in Lawrenceville, Ga., has acquired RCT Federal Credit Union in Augusta, Ga.
The $316 million-asset Peach State FCU said in a press release Monday that RCT FCU board members held a vote July 14 to approve the acquisition. The merger became official on Aug. 1 and a data processing conversion is scheduled for Oct. 1.
All RCT employees will remain on staff, Marshall Boutwell, president and chief executive of Peach State FCU, said in a letter to members in July. Prior to the merger, RCT had approximately $7 million in assets, $6.7 million in deposits and 3,500 members. The combined institution will serve 47,000 members with $323 million in assets.
Peach State FCU is an education-based credit union and RCT serves employees of the Board of Education in Richmond County.
"Peach State was founded by teachers and it is through this foundation that we have common ground with RCT," Boutwell said in the release. "Through our extensive suite of products and services, we can help these educators and their families achieve their financial goals."
Nancy Foss, an RCT board chairperson, said Peach State's more than 50-year history of serving local educators makes it a perfect fit for RCT members. "We look forward to continuing our tradition of personal service to our members as part of the Peach State team," she added.
