First Community Credit Union, a $796 million-asset institution based in Jamestown, N.D., announced this week that it completed a merger with Agassiz Federal Credit Union, effective April 1.
Based in Crookston, Minn., Agassiz FCU held about $14 million in assets prior to the merger, with locations in Crookston and Climax, Minn.
The combined entity will be headquartered in Jamestown and operate under the First Community Credit Union name.
FCCU noted that while April 1 was the legal merger effective date, the “operational” merger effective date will occur “several months after the legal date.”
FCCU said this merger will result in a “wider range” of services and locations available to members of both institutions.
"First Community is committed to providing great service to our members and forming strong relationships within our communities," First Community President Steve Schmitz said in a statement. "This merger is a great opportunity that will benefit both credit unions."
The merger was approved by the boards of directors of both institutions in the fall of 2017.
Barb McWaters, former CEO of Agassiz FCU, said: "This is an exciting opportunity for Agassiz Federal Credit Union. We'll continue to offer our great services and look forward to providing a wider range of products, locations and technology as we move forward as one."
Agassiz FCU posted net income of about $10,400 in 2017, down from about $18,000 in the prior year.
Meanwhile, First Community recorded net income of about $8.1 million last year, up from about $7.2 million in 2016.
