SPRINGFIELD, Mo. (8/1/12)--CU Community CU announced Friday that it has reached an agreement with Southwest Missouri CU (SWMCU) to merge operations following recent votes by its board of directors and membership. Both credit unions are based in Springfield, Mo.
The combined entity will go forward under the CU Community CU name once the merger receives regulatory approval and integration is complete, which is projected for December, according to a news release on CU Community CU's website.
CU Community CU is the fourth-largest asset credit union in Springfield with more than $76 million in assets and 6,400 members. Its members include employees, families and retirees of City Utilities, other select employee groups, and people who live in Greene and Christian Counties.
Economies of scale and reduced costs were cited as the main reasons for the merger.
Southwest Missouri CU's main sponsors are CoxHealth, SRC Holdings, Reckitt Benckiser, and others. Through the merger, CU Community will gain roughly 3,700 members and assets of $11 million.
Judy Hadsall will continue to serve as president/CEO of CU Community CU. Board members from SWMCU will be added to the CU Community CU board of directors.