Seven Credit Unions in Six States Announce New Mergers

Seven credit unions in six states recently announced planned or completed consolidations.

The $204 million NorthStar Credit Union in Warrensville, Ill., plans to merge with the $308 million NuMark Credit Union in Joliet, Ill.

If approved by NorthStar members, the combined credit union will manage more than $500 million in assets, 10 branches throughout the Chicagoland area and 136 employees who will serve a total membership of nearly 52,000. The consolidation has already secured approvals from state regulators and the NCUA, according to a joint statement released by the credit unions.

If the merger is finalized, Lloyd Fredendall, president/CEO of NorthStar, will become the CEO of the combined organization. Ann Dubie will remain the president of NuMark until her retirement on or before Dec. 31, 2020 when Fredendall will become president/CEO of the combined organization.

On Aug. 1, the $69 million First Castle Federal Credit Union in Covington, La., was merged into the $519 million Pelican State Credit Union in Baton Rouge.

First Castle was founded in 1934 to serve the Corps of Engineers New Orleans District, and it is the second oldest federally chartered credit union in the U.S., according to a Pelican State prepared statement that announced the finalization of the consolidation.

First Castle’s 17 employees operated three branches and served 5,814 members.

Led by President/CEO Jeffrey K. Conrad, Pelican State’s 298 employees operate 15 branches across the state serving more than 63,000 members.

In Tennessee, the $37 million Life Credit Union in Nashville said it plans to merge with the $639 million Fortera Credit Union in Clarksville in 2021, pending member and regulatory approval.

Life CU’s 13 employees serve nearly 4,000 members.

If the merger is approved, the credit union will continue to operate as a subsidiary of Fortera, which is led by President/CEO Tom Kane.

Life CU President/CEO Pam Tenpenny is planning to retire, according to a joint prepared statement.

The credit union was originally chartered in April 1958 as Baptist Hospital Credit Union with only nine members and assets of $45. In 2010, the credit union changed its name to Life CU.

Other recently completed mergers included the $10.2 million Mid East Tennessee Community Credit Union in Decatur, Tenn., with the $2.5 billion ORNL Federal Credit Union in Oak Ridge, Tenn.; the $7.9 million C&H Sugar Employees Federal Credit Union in Crockett, Calif., into the $776 million 1st Northern California Credit Union in Martinez, Calif.; the $7.4 million Spartanburg City Employees Credit Union with the $2 billion South Carolina Federal Credit Union in North Charleston; and the $5.1 million River Cities Community Credit Union in Atchison, Kan., into the $155 million Frontier Community Credit Union in Fort Leavenworth, Kan.