OSHKOSH, Wis.—One year after entering into a three-way merger, CitizensFirst Credit Union has announced that it will absorb Community Credit Union.
Last year the $583-million CFCU announced it would absorb via merger Best Advantage CU and Lakeview CU.
The latest merger is expected to be finalized by late spring, pending the approval of Community Credit Union's members, the Wisconsin Department of Financial Institutions' Office of Credit Unions and NCUA.
CitizensFirst CEO Kevin Ralofsky said the merger will expand the credit union's footprint beyond Northeast Wisconsin, while helping both credit unions compete and grow.
"It's about continuing to grow in scale and size in order to serve our members better," Ralofsky told The Northwestern.com. "This enhances CitizensFirst's balance sheet and reserves while over time, members will see better products and services."
Ralofsky said the merger will give the $117-million Community Credit Union, based in La Crosse, Wis., access to a larger pool of assets as it looks to add members and expand its service area. He said the combined credit union's size will allow it to compete with banks for business lending while continuing to offer members competitive rates and services.
"Our industry is consolidating at breakneck speed," Ralofsky told the publication. "We'll either continue to be a solution for our members or become an organization that's merged (into a larger credit union.) We feel we're establishing the foundations for success."
Ralofsky said that merger is still being worked out, as is the organization's new name that will replace CitizensFirst. He said the absorption of Community Credit Union will not impact the other merger.
Ralofsky said Community Credit Union's La Crosse operations will be considered a regional operation under CitizensFirst Credit Union. He said CCU CEO Chris Butler will become CitizensFirst's western region president while member input will be sustained through a regional board of directors that oversees local decisions.
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