KNOXVILLE, Tenn.–Two Tennessee credit unions are reporting they have completed a merger.
The $3.77-billion ORNL FCU and the $143.2-million Lowland Credit Union in Morristown, Tenn., said their combination is now in place.
All employees of LCU were guaranteed a position in the combined credit union with equal or greater pay and benefits, opportunities for remote work, a retention bonus, and any tenure they earned while at LCU, the credit unions said.
At year-end 2023, the 202,000-member ORNL FCU reported $57.8 million in net income, with net worth of 11.29%. The 10,200-member Lowland Credit Union lost $306,832 in 2023, with capital of 7.14%.
The credit unions said the merger will also provide ORNL FCU and LCU members with an “expanded branch network and a strengthened member service experience.”
‘Collaboration Cited’
“The success of the merger is a direct result of the incredible collaboration between the two credit unions and among all of the individual departments at both LCU and ORNL FCU,” said Jenny Vipperman, president & CEO of ORNL FCU. “Employees from both institutions worked together, built strong relationships, and maintained an unwavering focus on members to answer questions and build excitement around the combined organization.”
About the Branches
ORNL FCU said it will absorb the three LCU branch locations, two in Morristown and one in Newport.
With the merger, ORNL FCU will have a total of 31 branches. Its FOM is open those who live, work, worship, or attend school in 19 counties of East Tennessee.
The organizations’ goal is to merge the operations of LCU fully into the operations of ORNL FCU by October 2024.
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