Credit Unions in Four States Finalize Consolidation Plans
Georgia credit unions make their merger official this month.
Credit unions in Indiana, Florida, Alabama and Pennsylvania are planning to complete their mergers later this year, while credit unions in Georgia officially consolidated earlier this month.
On May 1, the $24 million Habersham Federal Credit Union in Clarkesville, Ga., and its 4,342 members merged with the $95 million HALLCO Community Credit Union in Gainesville, Ga., which serves 12,535 members. At a later date, the combined credit unions expect to announce their new brand name that serves seven counties in Northeast Georgia, according to a prepared statement.
The $94 million Ball State Federal Credit Union in Muncie, Ind., said it intends to merge with the $609 million Financial Center First Credit Union in Indianapolis later this year.
According to the credit unions’ joint statement, the consolidation will be the largest credit union merger in Indiana’s history.
If the consolidation is approved by Ball State FCU members, the credit unions will continue to operate under their own brands. Ball State FCU serves 11,177 members and Financial Center First serves 68,778 members.
In Florida, the $47 million Gulf Power Company Employees Credit Union in Pensacola and its 3,231 members are planning to merge with the $236 million Florida State University Credit Union in Tallahassee, which serves a membership of 26,153.
Regulatory approval is expected by mid-year, which will be followed by a special meeting among Gulf Power Company Employees CU members who will vote on the proposed consolidation.
Members of the $38 million Alabama Rural Electric Credit Union in Montgomery, Ala., approved to merge with the $660 million Alabama ONE Credit Union in Tuscaloosa, which serves 63,229 members.
Under the terms of the consolidation agreement, ARECU, which has 3,744 members, will continue to operate as a division of Alabama ONE. In addition, the ARECU board will continue to serve as an advisory committee in fulfilling the merger, which is expected to be completed in July, according to a prepared statement.
On May 6, members of the $4.9 million West York Area School District Employees Federal Credit Union in York, Pa., approved a merger with the $223 million First Capital Federal Credit Union also based in York.
Nearly 1,000 members belong to West York Area School District Employees FCU and First Capital serves a membership of more than 19,000. First Capital’s SEGs include 581 companies and organizations across York County and the nation.