St. Cloud Federal Credit Union and St. Cloud City and County Employees Credit Union in Minnesota have agreed to merge.
Regulators pre-approved the merger of the institutions and St. Cloud City and County's members approved the transaction last week. The final approvals are expected “in the coming months,” according to a news release.
The credit unions are merging to gain economies of scale, according to the release.
Mel Tody, chief executive of St. Cloud City and County, will become chief financial officer of the combined credit union.
The combined credit union will hold about $140 million in assets and have about 18,000 members and three branches.
