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Members of the $22 million The Municipal Federal Credit Union (TMFCU) in Sioux City, Iowa have "overwhelmingly voted to merge" with the Des Moines, Iowa-based Premier Credit Union ($302 million in assets, 17,874 members).
According to a statement from Premier, "With this confirming vote, TMFCU will officially join Premier Credit Union with the office in Sioux City becoming a Premier branch early in May of 2024."
No numbers from the vote of TMFCU's 2,261 members were given in Thursday's announcement.
"On behalf of Premier Credit Union, I extend our sincere gratitude to The Municipal Federal Credit Union's Board of Directors, staff and membership for placing their trust and confidence in Premier Credit Union," Megan Tjernagel, CEO of Premier, stated. "We are confident that this merger will significantly benefit the members, staff and the community at large."
According to the credit unions, the membership counties of TMFCU will join the current 26 counties that Premier serves in Central Iowa that's covered by their community charter. "In the coming months, both organizations will begin the transition process to ensure a smooth change for the membership and current staff of TMFCU, who will continue to run the day-to-day operations of this branch," the statement read.
TMFCU and Premier have had a longstanding partnership for more than a decade through Premier's wholly-owned subsidiary mortgage CUSO, Premier Lending Alliance.
"Premier has always been a friend to our credit union," Michaleen Kimsey, president/CEO of TMFCU, said. "I have had the pleasure of working with Megan and the team during my entire career with TMFCU. Our two institutions have many similarities. I am excited for the opportunity for us to merge and become stronger together."
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
