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The $1.1 billion University Credit Union (UCU) in Los Angeles and the $6.2 million Abilene Christian University Credit Union (ACU) in Abilene, Texas announced Wednesday the completion of their merger, which provided ACU members with an uncommon benefit.
ACU members received a monetary distribution, a rarity in credit union merger agreements.
According to merger documents ACU filed with the NCUA, $700,000 was distributed pro rata based on the average daily balances of regular share accounts over 12 months prior to June 30, 2024, and $200,000 was also distributed as an interest rebate, pro rata based on interest paid on loans for the same period. These distributions were deposited into each eligible ACU member’s share account on or before the merger date.
At the end of last year, ACU’s total equity totaled $1,320,160, according to NCUA financial performance reports.
Both parties approved the consolidation in December and officially ratified it on Feb. 1. The core banking system conversion was completed on Sunday.
As part of the consolidation deal, ACU’s main office will remain open for its 869 members.
“This merger isn’t just about growth – it’s about delivering even greater value to our members,” UCU President/CEO David Tuyo said in a prepared statement. “With our combined resources, ACU Credit Union members will gain expanded access to financial solutions while benefiting from the same community-driven service they’ve always relied on.”
Contact Peter Strozniak at [email protected].
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