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April Mergers Progress Across US
MADISON, Wis. (4/11/13)--Credit unions in more than a dozen states recently announced mergers or their intent to merge.

The consolidations occur for a variety of reasons. The most common reason is smaller credit unions seeking to collaborate and pool their resources to ensure a greater variety of services for members ,while other credit unions seek a larger membership footprint or growth in a specific community.

News Now will track the mergers and report them in a series of articles.  Among the mergers:

  • Great Lakes CU, North Chicago, Ill., and  Hawthorne  CU, Naperville and Bolingbrook, will merge to share a larger economies of scale.  As a result, GLCU will have assets of $630 million and serve more than 52,000 members in Lake, McHenry, DuPage, Kane, Kendall, Will, and parts of Cook Counties in Illinois and Kenosha County in Wisconsin.
  • Two Indianapolis-based credit unions--Horizon One FCU with $63 million in assets and Finance Center FCU with $430.8 million assets--merged as of April 1. Finance Center FCU will have more than 57,000 members (SNL Bank and Thrift Daily March 26).
  • Williamstown, Mass.-based, $1.6 million asset Williams College Employee FCU has merged with $1.13 billion asset Greylock FCU, Pittsfield, Mass., effective April 1.  WCEFCU's Williamstown branch was closed March 29, and its members will be served by Greylock's Williamstown branch.  WCEFCU said  that in the current financial environment, it was challenging to achieve the growth necessary to provide products and services members want (The Transcript April 6).
  • The  $112 million asset ArrowPointe FCU, headquartered in Catawba, S.C., has merged with  $29.1 million asset 1st Patriots FCU in Rock Hill.  The combined credit union, operating under ArrowPointe's name, has $142 million in assets and more than 15,000 members served with seven branches and 12 ATMs.  1st Patriots' members now have access to these previously unavailable services: scholarships, student loans, land loans, extended operating hours, loyalty discounts, more ATMs, an option to change a PIN at an ATM, lower credit card rates and a credit card rewards program.
  • Pathways Financial CU, Columbus, Ohio, completed its merger with Burgess & Niple Employees CU April 1. Pathways Financial, with $188 million in assets and 25,000 members, was formed on Aug. 1, 2012, as the result of an unprecedented three-way merger by Members First, Powerco and Western credit unions, which continue to use their trade names.  Burgess & Niple Employees CU has 280 members and $2.5 million in assets.
  • Bethlehem (Pa.) Teachers FCU has merged with Bethlehem Municipal Employees FCU, effective April 1.  Bethlehem Teachers FCU has nearly 4,000 members and $40 million in assets, while Bethlehem Municipal Employees FCU has 1,418 members and more than $6 million in assets.

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