Peach State Federal Credit Union in Lawrenceville, Georgia, is merging with two small, South Carolina-based credit unions.
The $831 million-asset Peach State said it plans to merge with the $13 million-asset Abbeville Community Federal Credit Union in Abbeville and the $28 million-asset Pickens Federal Credit Union in Pickens.
Earlier this week, members at both South Carolina credit unions voted to merge with Peach State.
In a Dec. 1 letter posted on the Peach State website, the credit union's president and CEO Marshall Boutwell said the merger demonstrates a shared commitment on the part of both credit unions' boards and management to grow stronger and remain highly competitive in today's financial marketplace.
"By combining our resources, we will be able to provide members with an enhanced offering of products and services, in addition to competitive loan and deposit rates," Boutwell said.
Peach State has grown in part through a series of small mergers over the years. For example, $12.3 million-asset
Peach State earned $5.6 million in the first nine months of 2022, a 74% increase compared with a year earlier, according to call report data from the National Credit Union Administration.
Pickens earned $122,000 in the first nine months of 2022, a 22% increase from a year earlier, and Abbeville Community earned $38,000 in the first three quarters of this year, a 62% increase year over year.
