Alabama ONE Credit Union Completes Two Mergers in a Month
Brewton Mill FCU and McIntosh FCU consolidate with the state’s ninth largest financial cooperative.
In just one month, the $1 billion Alabama ONE Credit Union said it completed two mergers.
The first consolidation was with the $26.2 million Brewton Mill Federal Credit Union in Brewton, Ala., which was approved by members on Aug. 31. On Sept. 28, members of the $28.8 million McIntosh Chemical Federal Credit Union in McIntosh, Ala., also cast their ballots in favor of consolidation with Alabama ONE.
The BMFCU and the MCFCU consolidation agreements became effective on Sept. 1 and Oct. 1, respectively.
Both mergers expanded Alabama ONE’s footprint into the southern regions of the state. The credit union’s field of membership covers 58 of the state’s 67 counties.
According to merger documents filed with the NCUA, both credit unions said there were no related financial arrangements that were offered to employees, including the former CEO of BMFCU, Linda L. Williamson, and the former CEO of MCFCU, Katrina Dearman.
The six employees of BMFCU and six employees of MCFCU are continuing their employment with Alabama ONE.
Chartered in 1959, BMFCU served more than 1,700 members, while nearly 2,500 members were served by MCFCU, which was chartered in 1962.
Alabama ONE’s 279 employees run 20 branches and serve more than 80,000 members.
DepositAccounts.com ranks Alabama ONE as the ninth largest financial cooperative by assets in the state.