Two South Dakota credit unions, Bell FCU and Midwest Partners FCU, which have been competitors within 75 feet of each on the same cul de sac, are planning to merge into a $65 million entity this summer.
The two Sioux Falls CUs began discussing consolidation plans in earnest last summer "and let me stress this is a merger of equals and both of us are healthy," said Darla Erb, who will become president/CEO of the combined CU with 9,000 members and four branches.
Erb holds the same job at the $35 million Bell while her counterpart at the $30 million Midwest Partners, Jeff Schmidt, will become chief operating officer.
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