LENEXA, Kans. The $5.4-billion CommunityAmerica Credit Union plans intended to merge in local $198 million Electro Savings CU, CACU announced.
The deal, expected to be completed this spring, will increase CommunityAmerica’s footprint to eight locations.
“Electro Savings shares our passion for people and supporting the financial well-being of St. Louisans – and they are well-aligned with our plans to meaningfully invest in the communities that make up this region,” said Lisa Ginter, CEO of CommunityAmerica Credit Union, in a release. “Combining the strengths and market presence of our two organizations helps us get even more people and businesses on a path to thrive and achieve financial peace of mind.”
CACU said the merger also allows the organization to offer its member benefit, Profit Payout, to even more consumers.
“Every year, CommunityAmerica shares its profits by rewarding members for their banking relationship with them. The credit union has returned more than $100 million to members through this program, with its next Profit Payout scheduled for January 14. Profit Payout is one of many ways the credit union invests in its members and will be a key differentiator among other banking choices in St. Louis,” the CU stated.
“Over the last few months, we’ve evaluated numerous opportunities to better serve our members, and there’s no stronger partner than CommunityAmerica to help our members achieve their financial goals, now and in the future,” said Dave Meglio, chairman of the board of directors for Electro Savings Credit Union. “CommunityAmerica brings more than 80 years of proven strength and stability, in addition to cutting-edge financial products and services that are geared toward our members’ satisfaction and financial well-being. We are thrilled to be able to improve the experience our members have with us through this merger.”