CORNELIA, Ga.–Two Georgia credit unions have announced their intention to merge.
The board of the $29.9-million North Main Credit Union said it has voted in favor of putting in front of its 3,401 members a proposal to merge into the $2.035-billion Georgia United in Duluth, Ga.
In a statement, the credit unions said the proposed merger will “strengthen the service and community impact in Habersham and Banks counties along with the employees of Fieldale Farms Corporation and Ethicon, Inc. (a Johnson & Johnson Company).
The merger is dependent on regulatory and North Main Credit Union member approval, which we anticipate in late June with a merger date of July 1, 2023.”
“We have been working with Georgia United to make sure that this merger is a good fit for members, team members and our community,” said North Main CEO Melany Ward. “Our members are our top priority and, by partnering with Georgia United, we are able to bring more innovative products and services to our members without sacrificing the service our members expect and deserve from a credit union.”
North Main CU cited a desire to merge in order to provide additional products and services, branch locations and enhanced technology.
Values ‘Align’
“Not only do our values and cultures closely align; our organizations are both deeply committed to service,” said Debbie Smith, Georgia United President and CEO. “At Georgia United, we believe our members come first. With our purpose driven culture of enriching lives, we have developed the infrastructure and talent to deliver innovative and new technologies to Georgia communities while keeping our members at the center of everything we do. This will be a great fit for both our credit unions and the surrounding communities.”
Financial Performance
Georgia United CU, which has approximately 149,800 members, reported $24.5 million in net income at year-end 2022, with capital at 9.95%. North Main CU posted $311,852 in net income, with capital at 14.53% as of the same date.
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