BATON ROUGE, La. – In a rare deal, Pelican State FCU said this morning it is transferring its Chalmette branch and 600 member accounts there it acquired in the wake of Hurricane Katrina to nearby Eagle FCU.
Pelican acquired the branch in 2006 through a merger with Chalmette Refinery CU following Hurricane Katrina when the tiny credit union was in danger of closing its doors and Pelican stepped in to save the members from losing their accounts.
"Strategically, the Greater New Orleans area is not where we intended to grow," said Jeffrey Conrad, president of the $190 million credit union. "Chalmette Refinery CU needed a helping hand after the hurricane and we did what we could to support the recovery efforts."
"The transfer of membership is demonstrative of the cooperative spirit of credit unions and how we make every decision with the best interest of our members in mind,” said Ginger Manint, president of $90 million Eagle FCU.
The Chalmette branch serves primarily employees of Chalmette Refinery and is currently Pelican's most southern branch. Pelican's four select employee groups will be also transferred to Eagle FCU as part of the deal.