SAN ANTONIO — San Antonio Water System FCU announced its intent to merge into Generations Community FCU, with the deal expected to be completed at the end of September.
After agreements by the boards of directors of both credit unions, and approval by NCUA, the merger was agreed to by members of $2.7 million SAWS FCU at a special meeting last week.
Generations Community FCU, founded in 1940, has $514 million in assets, 48,000 members and 14 branches in the San Antonio area.
The two CUs said the merger would give SAWS FCU members an expanded portfolio of consumer and small business products, plus access to 55,000 surcharge-free ATMs nationwide, 5,000 shared branching locations, deposit by phone, and the ability to access their accounts through mobile device or computer.
SAWS FCU was founded in 1958 by employees of San Antonio Water System. It currently serves nearly 1,100 members from its headquarters in the SAWS Building here.
"When we began to consider a merger, we knew we wanted to provide our members access to the same services they would expect from the larger banks and credit unions, but at the same time, we wanted them to retain the personalized and detailed service they have come to expect from our credit union," Veronica Godley, board chair of SAWS FCU, said in a statement. "Generations is the perfect combination of both."
Generations FCU President/CEO Steve Schipull said his credit union was "honored by the faith that SAWS FCU has placed in us through this merger and look forward to welcoming them as Generations members."
In its most recent call report, Generations Community FCU listed more than $1.2 million in net income for the first half of this year. Its net worth ratio as of June 30 was 9.41%, making it well capitalized.
In 2013 Generations reported $820,360 in net income, after paying $286,868 to the Temporary Corporate CU Stabilization Fund. Its net worth ratio was 10.78%, making it well capitalized.
San Antonio Water System FCU reported $19,629 in net income for the first six months of 2014. Its net worth ratio as of June 30 was 11.13%, making it well capitalized.
Last year SAWS FCU had a loss of $14,517 from operations, plus it paid $2,348 to the Temporary Corporate CU Stabilization Fund, leaving it with a net loss of $16,865. Its net worth ratio was 10.75%, making it well capitalized.
