LAWRENCEVILLE, Ga.–Credit unions in two states have announced mergers.
Members of Southeast FCU have voted in favor of merging into Peach State FCU. The combination is scheduled to be effective on Dec. 1.
Southeast was chartered in 1976 to serve the needs of the employees of the Riegel Textile Corp., and since that time had expanded its FOM to serve more than 200 select employee groups.
The $64-million Southeast has 7,500 members.
“Southeast’s decision to merge with Peach State was unusual but admirable, because they truly didn’t have to merge,” commented Marshall Boutwell, president/CEO of Peach State. “The board and management at Southeast took their members, their employees and their communities into consideration with this strategic decision. With an enhanced suite of products and services, they will be better positioned to have a greater impact on the lives of their members.”
Added John Fair, president and CEO of Southeast CU, who will be joining Peach State, “This is an exciting time for our credit union. Peach State was an ideal merger partner because both credit unions share the same values and cultures—supporting local communities and putting members first. In addition, the ability to provide our members with the latest technologies and a greater array of products and services will truly have a positive impact on how they achieve their financial goals.”
Prior to the merger Peach State has $359-million in assets and 49,000 members.
Meanwhile, in Stowe, Penn., the $41-million Apex FCU here has been absorbed via a merger into American Heritage Credit Union. The $2-billion American Heritage said the merger will add 4,700 members to the more than 165,000 members it already serves.
The Apex location at 540 Old Reading Pike has been converted into an American Heritage branch.
Overall, American Heritage has 35 branches in Philadelphia, Bucks, Montgomery, Delaware counties of Pennsylvania and in Camden County, N.J.