WATERTOWN, S.D.–Credit unions in South Dakota and Ohio have announced merger plans.
In South Dakota, the $19-million Avanti FCU and the $1.1-million Glacial Lakes Educational Employees FCU said they will officially combine operations on March 1.
The credit union will be led by Judy Wolff, CEO of Avanti Federal. Members of Glacial Lakes EEFCU will join the board and supervisory committee of Avanti.
“GLEEFCU has been actively considering partnerships to strategically expand and diversify to best serve our members and educational community,” said Brady Lunde, GLEEFCU board chair. “Avanti Federal Credit Union was the exact fit we were looking for with a full suite of financial services and the added convenience of technology,” she added.
“It is an honor to be selected as GLEEFCU’s merger partner,” said Wolff. “We look forward to building meaningful relationships with our new members.”
Meanwhile, in Lima, Ohio, the $31-milion TopMark FCU is merging in the $13-million Beacon Mutual FCU. The combined CU will have approximately 9,000 members.
Angie Maynard, president/CEO of TopMark Federal Credit Union, will continue to lead the merged organization.
“We are certainly honored Beacon chose to merge with TopMark. We look forward to working with their members throughout the entire process,” said Maynard.
Erick Schmelzer, board chair at Beacon Mutual FCU said “The regulatory environment has changed to the point that it is costly and difficult for small credit unions to compete.