MAUMEE, Ohio—The $191-million Glass City FCU here has acquired $9-million Libbey Federal Credit Union, based in Toledo.
The deal was approved by the boards of both credit unions and by Libbey’s members in August and became official over the weekend.
Glass City CEO Mark Slates said Libbey FCU had been seeking a merger partner and reached out to Glass City. He explained that the deal was made, in part, due to Libbey needing a new office. The credit union previously operated a single location within the Libbey plant in downtown Toledo.
“This isn’t something any of us look forward to, a smaller credit union going away,” Slates told the Toledo Blade. “Libbey Federal Credit Union did a wonderful job serving their members for 70 years. I admire the successes they have had.”
Glass City said it will maintain Libbey’s staff but currently doesn’t have plans to add a new branch.
As has been the case with many small CU mergers, mounting regulations and compliance issues became too much to handle, Slates told the Blade.
“A credit union that size can’t offer as wide a range of services as we can, and that was very attractive to their board and their membership,” he said. “I think we’ll be able to serve their members very well.”
Meanwhile, in Dubuque, Iowa, Alliant Credit Union and General Drivers Credit Union reported they have completed a merger, with Alliant CU the continuing CU.
The former General Drivers Credit Union branch has closed, with employees of GDCU relocating to one of the three Dubuque Alliant Credit Union branches.
The $5.9-million General Drivers Credit Union had approximately 700 members. The $105-million Alliant has approximately 10,000 members.