Pelican State Credit Union has completed its merger with East Feliciana Teachers Federal Credit Union, effective August 1.
Based in Baton Rouge, La., Pelican State CU has about $310 million in assets, while East Feliciana Teachers FCU, which was based in Clinton, La., had about $265,000 in assets. Clinton is located about 35 miles north of Baton Rouge.
Pelican State CU noted that East Feliciana Teachers FCU had sought mergers from larger credit unions in the area “in order to provide enhanced services” to their members. The credit union chose Pelican State CU due to its “long-time commitment” to providing free financial education to East Feliciana Parish schools.
“Pelican is honored to provide all 398 members of East Feliciana Teachers FCU with access to our 12 branches, as well as products and services that were previously unavailable to them, such as free checking accounts, free credit counseling and online banking,” Pelican State CU CEO Jeffrey K. Conrad said in a statement.
Pelican State CU also said that while East Feliciana Teachers FCU’s branch inside of the school board building is no longer operational, its members can use any one of Pelican State CU’s online or mobile services along with their local branches in Zachary and Jackson, La., to access their accounts.
Now, everyone employed by the East Feliciana Parish School Board and their immediate family members are eligible to become members of Pelican State CU.
According to Frank Kerner, content and digital strategist at Pelican State CU, the former employees of East Feliciana Teachers FCU were part-time workers and also held full-time jobs during the day. “After the merger, they chose to continue to work at their full-time jobs,” he added.
According to call reports, East Feliciana Teachers FCU posted net losses of about $11,400 and $14,600, respectively, in 2016 and 2015. Meanwhile, Pelican State generated net incomes of about $3.4 million in 2016 and $2.3 million in 2015.
