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News Now

CU System
Some CUs start year with mergers
MADISON, Wis. (1/20/11)--Credit unions nationwide continue to pool resources, with several starting the new year with mergers or merger proposals. The boards of Affinity Group CU in Pontiac, Mich., and Kensington Valley Community CU (KVCCU) in Highland, Mich., announced a merger of the two credit unions. State regulators have approved the merger and Kensington Valley members voted to create the partnership. Using the Affinity business model will allow Kensington Valley Community to continue to market the KVC brand as a part of Affinity Group CU (Michigan Monitor Jan. 17). “Our board took a serious look at the long-term prospects for our credit union and what it could offer to our members and our employees. Affinity Group was clearly the best option,” said Joseph E. Strauss, KVCCU president/CEO. The combined credit union will have assets of $134 million, 5 branches, and more than 20,000 members, the majority of whom live in southeast Michigan. Other recent mergers include:
* Members of Elgin City Employees CU, Elgin, Ill., have approved a merger with Credit Union 1 in Rantoul, Ill. (couuriernews.suntimes.com.com Jan. 19). Elgin City Employees CU has $14 million in Assets, and Credit Union 1 has $650 million in assets. * Mainstreet CU, a $259.2 million-asset credit union, based in Lenexa, Kan., completed a merger, effective Jan. 3 with Wyandotte CU, a $13 million asset Kansas City credit union. The merger is the fourth one that Mainstreet has completed in past two years. It previously merged with Free State CU, Lawrence, Kan.; Leavenworth (Kan.) Teachers’ and Community CU; and Faith Financial FCU, North Kansas City (Kansas City Business Journal Jan. 11). * Yakima (Wash.) Valley CU and Catholic CU, Yakima, agreed to a merger that is expected to be completed by June 30, at which time the new credit union name will be announced (Puget Sound Business Journal Jan. 12). The merged entity will have $460 million in assets, 50,000 members and eight branches. * The $151 million-asset Valley FCU of Montana in Billings will acquire Cody (Wyo.) Schools FCU (Billings Gazette Dec. 26). The two credit unions will run parallel operations until February or March when the transition will be completed. * Eastman CU, a $2.2 billion asset institution, based in Kingsport, Tenn., will acquire the $11 million-asset Holston Valley CU “on a tentative spring timeline, ” Gary Tucker, Eastman senior vice president government /public relations, told News Now. * Ascend FCU, Tullahoma, Tenn., a 1.35 billion asset credit union acquired $3 million-asset Co-Op Employee CU, LaVergne, Tenn., Dec. 4., the credit union told News Now. * Affinity Plus FCU, a $1.28 billion asset credit union in Saint Paul, Minn., had a pending acquisition approved of Como Northtown Community FCU, the credit union told News Now.


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