WICHITA, Kans./ST. LOUIS—Kansas Corporate Credit Union and Missouri Corporate CU announced Wednesday that they intend to merge.
KCCU will be the continuing corporate and a new name will be developed to reflect the changing membership. The combined entity will have assets between $700 million to $800 million and serve approximately 293 capitalized credit union members.
“Based upon the changing landscape over the past few years, we believe an opportunity exists for a regional corporate that is focused on local member service and relationships,” said MCCU Chair Dave Osborn and KCCU Chair Bill Hauber in a joint statement. “The combined corporate will have a solid core membership base that will include capitalized members from eight different states. This merger will provide the ability to achieve even greater operating efficiencies and economies of scale to ensure continued competitiveness of our products and services.”
Next steps are for KCCU and MCCU to perform due diligence and complete a merger plan over the next 45 days. Memberships of the corporates must approve the merger, as well as both state regulators and NCUA.
“Both MCCU and KCCU have a long history of providing cooperative financial services to members, and enjoy substantial loyalty due to extensive personal relationships with members,” stated MCCU President/CEO Kitty Gray. “We both also have a local presence which allows us to respond to the needs of members, and have strong reputations for managing financially sound cooperatives.”
KCCU President/CEO Larry Eisenhauer said, “It just makes sense for a number o reasons, including our proximity; our long-standing history of working together; our similar philosophy, cultures and values. We believe that a merger of the two organizations will be extremely successful for the long-term benefit of our members who desire to receive financial services in a cooperative fashion.”
In 2012, KCCU merged with Treasure State Corporate Credit Union in Montana and has acquired members from several other surrounding states in recent years. Governance representation from Missouri will be provided for, and there will continue to be a local presence in Missouri by maintaining operations and staff at the current base in St. Louis, the corporates stated.
Related links
Study Examines One New Trend in Mergers
Tobacco Road Merger, As Two N.C. CUs To Combine
Bay Winds Members Approve MCU Merger
WICHITA, Kans./St. Louis—Kansas Corporate Credit Union and Missouri Corporate CU announced Wednesday that they intend to merge.
KCCU will be the continuing corporate and a new name will be developed to reflect the changing membership. The combined entity will have assets between $700 million to $800 million and serve approximately 293 capitalized credit union members.
“Based upon the changing landscape over the past few years, we believe an opportunity
exists for a regional corporate that is focused on local member service and relationships,” said MCCU Chair Dave Osborn and KCCU Chair Bill Hauber in a joint statement. “The combined corporate will have a solid core membership base that will include capitalized members from eight different states. This merger will provide the ability to achieve even greater operating efficiencies and economies of scale to ensure continued competitiveness of our products and services.”
Next steps are for KCCU and MCCU to perform due diligence and complete a merger plan over the next 45 days. Memberships of the corporates must approve the merger, as well as both state regulators and NCUA.
“Both MCCU and KCCU have a long history of providing cooperative financial services
to members, and enjoy substantial loyalty due to extensive personal relationships with
members,” stated MCCU President/CEO Kitty Gray. “We both also have a local
presence which allows us to respond to the needs of members, and have strong
reputations for managing financially sound cooperatives.”
KCCU President/CEO Larry Eisenhauer said, “It just makes sense for a number of
reasons, including our proximity; our long-standing history of working together; our
similar philosophy, cultures and values. We believe that a merger of the two
organizations will be extremely successful for the long-term benefit of our members who
desire to receive financial services in a cooperative fashion.”
In 2012, KCCU merged with Treasure State Corporate Credit Union in Montana and has
acquired members from several other surrounding states in recent years. Governance
representation from Missouri will be provided for, and there will continue to be a local
presence in Missouri by maintaining operations and staff at the current base in St. Louis, the corporates stated.