COLUMBUS, Ga. – A number of credit unions have announced new merger plans or the completion of mergers.
Members of MEA Federal Credit Union have voted to approve the merger with Kinetic Credit Union. The merger received regulatory approval from NCUA in January. MEA accounts and branches will be transitioned on May 1, 2016.
“We are thrilled at the trust and confidence that the members of MEA have put in us,” said Janet Davis, president and CEO of Kinetic. “This vote serves as the final step in the approval process. We are excited about serving the members of MEA, many who have educated and supported our communities for so many years. We look forward to serving as the credit union for the teachers, administrators and support staff of the various school districts throughout our community.”
The combined credit union is projected to have assets of more than $360 million and 49,000 members and will go by the name Kinetic Credit Union.
Other merger-related news:
- Chattahoochee, Fla.-based FOCUS CU is being absorbed via merger by Tallahassee, Fla.-based Envision Credit Union. “Our two credit unions have partnered together for over 30 years, assisting each other in product development and technology sharing. This seemed like the natural next step,” said FOCUS CEO William C. Enfinger, who will become EVP and CLO following the merger. Darryl Worrell is CEO of Envision.
- Raleigh-Durham, N.C.-based Self-Help Credit Union is expanding in the Sunshine State with a merger of Community Trust FCU in Apopka, Fla. Self-Help said it has already been serving low-income communities in Florida, having originated more than $300 million in loans to Floridians and partnering with Florida banks to finance more than 2,900 home loans. Several hundred Floridians are already members of Self-Help and, according to the credit union, representing deposits of approximately $6 million. CTFCU has $6.5 million in assets and was founded by local organizations – including nuns from the Sisters of Notre Dame de Namur . Self-Help Federal Credit Union was chartered in 2008 and has more than $606 million in assets and serves 62,000 members.
- In Dallas, $394-million Neighborhood Credit Union and $201-million Pegasus Community CU announced that the merger between their two organizations has been finalized. Systems and operational integration will be completed on June 1, 2016. The merger has been approved by NCUA and the Texas Credit Union Department.
Chet Kimmell, president/CEO of Neighborhood Credit Union, will continue to lead the combined organization. Kimmell has been CEO of Neighborhood Credit Union since 1994 overseeing growth from $100 million to almost $400 million in assets.
“This partnership allows us to further solidify our commitment to the neighborhoods we serve and provide more access than ever to our innovative products and services like Kasasa and Prize Savings—all designed with the financial well-being of the community in mind,” Kimmell said.
As a result of the merger, Neighborhood CU will have 13 locations.
“After extensive research and consideration we chose Neighborhood Credit Union due to their similar culture and geography that will allow for increased community branch locations, improved technology, and enhanced products and services that will benefit our members,” said Jason Scott, president/CEO of Pegasus CCU.
The merger will not result in any branch closings or layoffs, the CUs stated.