The $12.1 billion Idaho Central Credit Union (ICCU) in Chubbuck said Monday it completed its merger with Arizona’s $211 million Tucson Old Pueblo Credit Union (TOPCU), on Feb. 1, giving Idaho’s largest financial cooperative a market presence in the Grand Canyon State.
TOPCU members voted in favor of the merger in January.
Before the consolidation, ICCU was serving about 2,200 members in Arizona.
With the completion of the merger, ICCU now runs TOPCU’s two branches that serves 17,005 members. In addition to the Arizona locations, ICCU operates 59 branches in it home state and Washington state and serves more than 688,000 members. That total membership includes ICCU’s eastern Oregon members.
“We’re excited to welcome TOPCU to the ICCU family and to invest in the Tucson community,” ICCU President/CEO Brenda Worrell said in a prepared statement. “At ICCU, our mission centers on helping our members achieve financial success. We do this by providing access to financial services and education, as well as by supporting the communities that our members call home.”
ICCU said it has committed to investing at least $1 million in Tucson nonprofits and community organizations over the next five years.
“As a credit union, our success is directly linked to the strength of our communities. We are proud to commit to the Tucson community and to build upon the charitable foundation TOPCU has established over the past 90 years,” Worrell said. “Our commitment to invest $1 million over the next five years is just the beginning.”
As part of the merger related financial arraignments, all continuing TOPCU employees, including the senior executive team, are eligible to receive a retention bonus equal to 5% of their current base salary, provided the employees remain continuously employed with ICCU for 12 months following the closing of the merger. The retention bonuses will be payable in a cash lump sum within 30 days thereafter.
Retention bonuses for senior executives include: TOPCU’s President/CEO G. Vernon Babilon, $10,978; CFO Kenton Hall, $7,928; Commercial Lending Manager Kenneth Krapf, $5,764; Director of IT Manny Chavez, $5,421, and Human Resources Director Marianne Scarzello, $5,424.
In connection to the merger and their employment agreements, the base salaries for Babilon, Hall and Chavez will be $219,573, $158,556 and $108,422, respectively. These amounts represented an increase of $6,395, $4,618, and $3,158, respectively, from their current base salaries with TOPCU, according to credit union’s merger documents filed with the NCUA.
The merger’s full system integration is expected to be completed by September.
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