Bell Federal Credit Union and Midwest Partners Federal Credit Union, both in Sioux Falls, S.D., have agreed to merge, creating a $65 million-asset credit union serving 9,000 members.

Bell Federal will move into Midwest Partners' main branch. Midwest Partners has two other branches. A new board will be created with an equal number of directors from both credit unions.

"Both credit unions are financially sound," Jeff Schmidt, the president of Midwest Partners, said in a Friday press release. "The merger will further strengthen our competitive position, allowing us to better serve the financial needs of our members."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.