First announced in January the merger of Louisiana Corporate with Corporate America is on track despite the nearly a year that has elapsed without confirmation of the deal, according to a letter sent to members of Metarie, La.-based LACORP yesterday and signed by that corporate's CEO, David Savoie.
"This process tends to take a little longer than expected," Savoie acknowledged in the letter.
Progress to date includes approval of the merger by the Louisiana Office of Financial Institutions and the State of Alabama Credit Union Administration. Both those approvals are contingent upon pending votes by the memberships of the two corporates.
The letter elaborated that "currently" the corporates are awaiting approval by NCUA, a process Savoie indicated they had once thought would be concluded by Q4 2011 but which, wrote Savoie, the agency now is saying will "take up until the end of the first quarter of 2012."
"We expect the merger to be approved early next year," wrote Savoie.
In a separate email to Credit Union Times, Irondale, Ala-based Corporate America's CEO Thomas Bonds confirmed that the merger was proceeding.
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