Members of Credit Union South in Gulfport, Miss., approved a proposal to merge into Sunbelt Federal Credit Union in Laurel, Miss.
Vernon Clevenger, executive vice president of operations at Sunbelt, told Credit Union Journal by email that the two institutions will officially merge on April 1. CU South members voted on the measure on Wednesday.
Clevenger added that all staff members of CU South, including CEO Karen Lizana, are joining Sunbelt. Central Sunbelt Federal Credit Union had changed its name to Sunbelt last month.
CU South, which has about $7.6 million in assets, posted a net loss of about $78,700 in 2018, after recording a net loss of about $76,300 in the prior year. The credit union has incurred annual losses over the past five years.
The $212 million-asset Sunbelt recorded net income of about $4.7 million in 2018, a 75.6 percent increase from the prior year.
