LITTLE ROCK, Ark.–Arkansas FCU is reporting it has completed its merger with the former Rheem Arkansas FCU.
After Rheem Arkansas FCU voted in favor of the combination, the merger was approved on December 15, 2022.
“We are honored to welcome the Rheem employees and their families into the Arkansas Federal family,” said AFCU Rodney Showmar, president and chief executive officer. “We are proud to be able to make a difference for our new members by adding the convenience of 20 branch locations, insurance, retirement and investment services, digital banking, as well as a full suite of financial products and services that other Arkansas Federal members have come to expect from their credit union.”
CU Had Been in the Red
As CUToday.info reported here, the $4.4-million Rheem Arkansas FCU told its members that by merging members they will be offered new products and services that include checking accounts, debit cards and new loans; expanded hours, and access to online and mobile banking.
The CU said there will be no share distribution.
Rheem Arkansas reported a loss of $39,127 as of Sept. 30, 2022 with capital at 11.32%. RHFCU was established in 1970 to serve the employees and families of Rheem Manufacturing.
The $2-billion Arkansas FCU has more than 140,000 members.
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