State Farm CUs To Roll Up Into CUGiant
BLOOMINGTON, Ill. - (03/06/06) -- A dozen credit unions affiliatedwith State Farm Insurance said they plan to consolidate into asingle credit union with more than $3 billion in assets based here,home of State Farm Great Lakes FCU. State Farm Great Lakes FCUitself is the result of a three-way merger in 2004, part of theconsolidation of 23 State Farm credit unions into the current 13survivors (a Canadian credit union is not involved). The new creditunion will be called State Farm FCU and will be headed by TomDewitt, current president of State Farm Great Lakes FCU. Dewitttold The Credit Union Journal the merger will allow all State Farmemployees to access their accounts and perform transactions at anyState Farm credit union in the nation. He said the State Farmcredit unions are not anticipating any regulatory hurdles--formerNCUA Chairman Dennis Dollarss firm has acted as a consultant--andthere are no plans to offer services to the general public orexpand existing line of products and services, except in caseswhere a product or service isn't offered by one of the creditunions. Dewitt said all State Farm CU CEOs will stay on as managersat each of the 11 other locations. Plans call for one board memberfrom each credit union to join the new board, in addition to fourboard members from State Farm Great Lakes. Others involved in themerger are State Farm California FCU, Bakersfield; State FarmCentral, Columbia, Mo.; State Farm Florida FCU, Winter Haven; StateFarm Great Western FCU, Tempe, Ariz.; State Farm Heartland FCU,Lincoln, Neb.; State Farm Mid-America FCU, Newark, Ohio; State FarmMid-Atlantic FCU, Frederick, Md; State Farm Northeast FCU, BallstonSpa, N.Y.; State Farm Pacific Northwest FCU, Dupont, Wash.; StateFarm Southern FCU, Duluth, Ga.; and State Farm Texas FCU,Austin.