ORNL Federal Credit Union & Lowland CU Merge

The new merger creates a nearly $4 billion credit union in Tennessee.

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Officials with the Oak Ridge, Tenn.-based ORNL Federal Credit Union ($3.7 billion in assets, 202,563 members) announced it had received full approval from the NCUA to merge with the Morristown, Tenn.-based Lowland Credit Union ($143 million in assets, 10,217 members). The merger came after state regulators and Lowland Credit Union (LCU) members approved and the two credit unions officially joined together on May 1.

The newly-merged credit union will keep the ORNL FCU name and brand. And, according to credit union officials, all LCU employees were guaranteed positions at the new credit unions “with equal or greater pay and benefits” as well as opportunities for remote work, a retention bonus and any tenure earned while working at LCU.

“The success of the merger is a direct result of the incredible collaboration between the two credit unions and among all of the individual departments at both LCU and ORNL FCU,” Jenny Vipperman, president/CEO of ORNL FCU, said. “Employees from both institutions worked together, built strong relationships and maintained an unwavering focus on members to answer questions and build excitement around the combined organization.”

The credit unions announced the intent to merge earlier this year.

ORNL FCU Board Chair Randy Gorman said this merger will bring incredible value to members and to the state of Tennessee.

“The majority of members agreed, voting nearly 10 to one in favor of the merger. We are moving forward with a strong mandate to continue building a credit union that provides the highest level of financial products and services and invests in the area with a deep commitment to our members, employees, the community and the state of Tennessee,” Gorman said.

With the merger, ORNL FCU will absorb the three LCU branch locations, resulting in a total of 31 branches, and have more than $3.9 billion in assets with more than 210,000 members.

Gorman added, “From improved services and technology to job retention and community engagement, we believe that this credit union merger is just one example of the ripple effect of positive outcomes that the communities in which we serve and the state of Tennessee stand to gain from this collaborative effort. We are ensuring a stronger and more resilient financial landscape for our members and communities.”