Merged CU Will Serve Members in Alabama, Georgia & Mississippi
The Atlanta-based Powerco FCU consolidates with the Birmingham-based APCO Employees CU.
The $194 million Powerco Federal Credit Union in Atlanta, Ga., has merged with Alabama’s second largest financial cooperative, the $3.2 billion APCO Employees Credit Union in Birmingham.
The consolidation took effect on April 1 after 95% of Powerco members voted in favor of it, according to APCO Employees.
Powerco will continue to operate under its brand name as a division of APCO. The Georgia credit union’s 32 employees operate seven branches throughout the Peach State and one branch in Gulfport, Miss., which serve a membership of nearly 15,000. APCO’s 134 employees operate 20 branches throughout Yellowhammer State and serve more than 73,000 members.
“This merger is a beneficial opportunity to ensure long-term sustainability with a credit union that provides secure financial products and exceptional member service.” Powerco President/CEO Dan Blalock said in a prepared statement. “By joining together, our members will have access to enhanced customer service, a wider range of products and service, higher savings rates and low fees.”
Although Blalock plans to retire, he will retain a seat on the APCO board of directors.
Chartered in 1935, Powerco serves the financial needs of employees or retirees and their family members of Georgia Power Company, Mississippi Power Company or Southern Company Services, their affiliates, subsidiaries, and all related companies and corporations, as well as employees of contractors for the power companies and select employer groups. Founded in 1953, APCO serves the financial needs of employees and their family members of Alabama Power.
“APCO Employees Credit Union and Powerco Federal Credit Union both have strong financial foundations and have many shared members, values and approaches to serving our memberships,” APCO President/CEO Derrick Ragland said in a prepared statement. “This partnership is a proactive step to capitalize on our strengths and aligned missions as we build for the future and allow a unified financial experience. This will provide our members expanded access across Alabama, Georgia and Mississippi.”