The $171 million Pelican State Credit Union of Baton Rouge said it expects a July 1 merger of the $1.9 million Lake Charles Telco CU in a move that will provide the Baton Rouge CU greater entry into the Lake Charles market.
The consolidation has been under consideration by the Telco board for more than a year and is part of the ongoing national trend on mergers as small CUs "simply find the economics too difficult to compete and still provide members a broad range of services," said Jeffrey K. Conrad, Pelican president/CEO.
The two-employee Lake Charles Telco, which had been healthy with satisfactory capital, had long operated as a cash CU having to use other financial institutions to handle back office paperwork, said Conrad. He cited management's desire to start offering online and debit card services to its 3,500 members as a reason behind the merger.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
