MADISON, Wis. (12/27/12)--Credit unions in several states reported mergers or proposed mergers with other credit unions before the holidays. Here is the latest merger list.
In Texas, Two San Antonio credit unions--Air Force FCU and Peoples Choice of San Antonio FCU (PSCA FCU)--announced they have merged, as of Dec. 15, with Air Force FCU remaining as the primary credit union. PSCA's field of membership will be incorporated into the Air Force FCU charter.
Air Force FCU President/CEO Robert "Bob" Glenn will continue to head the surviving credit union. The merger will create a stronger financial cooperative and provide expanded services to members in San Antonio and around the world, the credit unions said in a press release. The merger will provide access to eight branches in San Antonio and brings Air Force FCU to more than $350 million assets and nearly 37,000 members.
In Springfied, Mo., CU Community CU (CUCCU), announced the completion of its merger with Springfield-based Southwest Missouri CU, effective immediately. CUCCU is the remaining credit union. The combined credit union has more than 10,000 members and $90 million in assets. Southwest Missouri CU had more than 3,500 members living and working in Greene and Christian Counties, said CUCCU President/CEO Judy Hadsall. "The merger is complete, and Southwest Missouri CU members are already taking advantage of enhanced products and services offered by CU Community," Hadsall said.
Two credit unions in Niagara Falls, N.Y., have merged, effective Dec. 1. They are the $78 million asset Niagara's Choice FCU and the $46 million asset Niagara County's FCU. The combined credit union will be known as Niagara's Choice FCU, and have 23,000 members and $122 million in assets. It now operates five full-service branches--two in Niagara Falls and one each in Lockport, North Tonawanda and Wheatfield (Business First of Buffalo Online Dec. 13). The combined credit union will retain Niagara's Choice CEO Alfred Frosolone. Nancy Kasprzak-Whitmore, former CE) of Niagara County's FCU, will be executive vice president of the combined credit union. No staff have lost their jobs in the merger, which makes Niagara's Choice the second largest credit union in the county and the fifth largest in the region.
In Minnesota, Baxter-based Mid-Minnesota FCU, a $237 million asset credit union with 36,109 members, announced that on Dec. 1, Ashby FCU, a $1.2 million asset credit union serving 500 members in Ashby, had merged into Mid-Minnesota.