PASADENA, Calif.–Members of the $266-million Parsons Credit Union here have voted in favor of merging into another credit union on the opposite coast of the country.
Parsons CU will now become part of the $1.096-billion Skyla FCU in Charlotte, N.C. Skyla is the new brand for the former Charlotte Metro Credit Union.
“The merger of Parsons FCU with Skyla Credit Union will further expand the combined credit union's economies of scale for enhanced operational efficiency and member services,” Skyla CU said in a statement. “With the merger, Skyla will expand its footprint beyond the Carolinas region to service members nationally, including the employees and affiliates of the Parsons Corporation.”
The merger will be effective on Jan. 1, 2023, and will be completed with Parsons FCU's member data conversion in August 2023.
Parsons CU reported a net loss of $506,466 as of Sept. 30, with capital of 10.92%. Skyla FCU reported $7.145 million in net income and capital of 10.02% as of the same date.
‘Long History of Service’
"We are pleased to welcome the members of Parsons FCU to the Skyla family," said Eric Gelly, president and CEO of Skyla Credit Union. "It's our honor to continue the long history of exemplary service Parsons FCU has delivered to its members since 1975. With this merger, we are confident that our united organization will deliver an even broader range of banking services, technology, and resources which Parsons FCU members can leverage to achieve their financial goals."
Added Parsons FCU President/CEO Ray Crouse in a statement, “At Parsons FCU we have always been committed to being there for our members as they go through their life's journey. Our merger with Skyla furthers this mission. We are excited to merge our people, products, services, and operations to deliver more to our members and have an even greater impact on their lives."
Skyla CU said it will be adding two additional locations, one in Pasadena, Calif., and one in Centreville, Va. to its existing 17 branch locations in North and South Carolina and will have assets of approximately $1.4 billion.
‘Nationally Recognized Credit Union’
“This marks Skyla's move to become a nationally recognized credit union,” the CU said in a statement, adding that Parsons FCU members will now have access to a 24/7 contact center, complete business loan and business account offerings, expanded online and mobile banking tools, and “access to lower borrowing rates and higher yields among other new benefits.”
Gelly will be president and CEO for the newly merged credit union, while Crouse will become the president of the wealth management group and CUSO for the combined entity. Three members of Parsons FCU's board will join the Skyla board. CUToday.info has additional information on what Parsons FCU members were told about the merger here.
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