The $3.4 billion Corporate America Credit Union and the $185 million Louisiana Corporate Credit Union announced Sept. 17 that they have called off their merger plans.
The two corporates decided to part ways rather than remain in "merger limbo," as Corporate America interim President/CEO Dan Buckley called it, waiting for NCUA approval. The two first announced their intent to merge back in January 2011.
"We began the merger process more than a year ago. And while it was approved by both boards of directors and state regulators, it has remained pending at NCUA," said David Savoie, president/CEO of LaCorp. "We feel it's time to move on with key initiatives at each of our organizations. For example, LaCorp independently has raised capital and eliminated all U.S. Central dependencies, while also making sure we continue to do a good job of serving our members."
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