SIOUX FALLS, S.D.–Two Sioux Falls credit unions have announced plans to merge.
The $30-million First Century FCU is seeking to merge into the $184-million Voyage FCU. Voyage FCU has three branches in Sioux Falls and also is gaining one in Vermillion, S.D., following its recent merger with Vermillion FCU.
According to First Century FCU, its decision to merge was driven by the retirement of CEO Jay Meyer Sr. and its desire to also merge with another credit union in Sioux Falls.
The merger is pending regulatory approval from NCUA and a vote by First Century’s approximately 1,500 members.
“The merger will bring together two strong financial institutions, positioning them to better serve their members and local community,” the credit unions said in a statement.
A ‘Common Focus’
“First Century FCU and Voyage FCU share a common focus on delivering exceptional member service. The partnership will provide significant operational efficiencies, enabling the merged credit union to streamline processes and continue to offer competitive rates and terms on loans and deposits. Members will benefit from an expanded branch network, enhanced digital banking capabilities and a broader range of financial services, all backed by the same trusted commitment to excellence.”
Chartered to Serve Transportation Industry
First Century FCU was chartered in 1935 to serve the transportation industry, primarily trucking. Membership is limited to those employed by its business members and their immediate families.
If members approve, plans call for the merger to be completed in September.
Voyage FCU reported $276,434 in net income during the first quarter, with capital of 9.93%. First Century FCU posted $99,965 in net income during Q1, with capital of 12.36%.
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