Two More Corporates Plan Merger
The corporate network continued to contract last week with another merger announced, this one between Louisiana Corporate CU and Corporate America CU. The combination will create a corporate with about $1.3 billion in assets and serving more than 300 natural person credit unions. Under the plans, Corporate America CU will be the surviving entity and Louisiana Corporate CU would continue to operate as a branch of the Irondale, Ala.-based corporate. At least two other corporate mergers are already in process: Western Corporate FCU (WesCorp) with Volunteer Corporate FCU (VolCorp); and Empire Corporate FCU with Mid-States Corporate FCU. The merger of the Louisiana and Alabama corporates will leave 27 surviving corporates of a network that included 44 corporates, not including U.S. Central CU, a decade ago.