DOTHAN, Ala.— Five Star Credit Union here is absorbing via merger the $14-million Brunswick, Ga.-based Georgia Coastal FCU.
The deal became effective Nov. 1. Georgia Coastal’s Stadium Street office will become Five Star’s third Glynn County location.
“The merger positions the combined organization to better serve our members in Glynn County,” Five Star CEO Robert Steensma stated in a published report. “We believe the recovering economic conditions in Glynn County present an opportunity for our continued expansion.”
Next step is to integrate computer systems, member accounts and services, said Steensma, who expected those steps to be concluded in December.
The $310-million Five Star continues to expand, now operating 13 branches in Alabama and Georgia. Five Star completed the purchase of Flint River National Bank, Camilla. Ga., last year
Meanwhile, in Comanche, Iowa, the $100-million First Gateway CU is reaching across state lines to merge with the $5.5-million Morrison Community FCU in Illinois. The merger still requires regulatory approval and a vote of MCFCU’s membership. The Morrison, Iowa office of Morrison Community FCU will become a branch of First Gateway.
Related links
Study Examines One New Trend in Mergers