ST. CLOUD, Minn.–Mergers have been announced in two states.
In Minnesota, St. Cloud Financial CU said it will absorb via merger Starcor Credit Union following a vote by SCU members who have agreed to the combination.
Final regulatory approval is anticipated in the coming months, the credit unions reported.
Starcor has two Minnesota branch locations in Becker and Albertville, and will continue to operate as is until the merger is finalized. St. Cloud Financial has four branch locations in St. Cloud, Sartell, and Sauk Rapids.
“In looking for a merger partner to help us better serve our members, I believe that St. Cloud Financial was a great fit philosophically and geographically,” said John Hardekopf, president and CEO of StarCor, in a statement.
Upon merger completion, Mr. Hardekopf will join the St. Cloud as of vice president of lending.
The merged credit unions will become one organization under the St. Cloud Financial name, with approximately $200 million in assets and more than 21,000 members.
‘Solid Reputation’
“We are proud that Starcor chose us as their merger partner. Both organizations have a solid reputation and brand developed throughout the years of member and community focus,” stated Jed A. Meyer, president and CEO of St. Cloud Financial in a statement. “I am happy to welcome their employees and members into our culture. Like Starcor, we are full of pride and passion to make a difference and I know we will be stronger together!”
St. Cloud Financial was founded in 1930 to serve St. Cloud Postal employees, expanding throughout the years to serving members in seven counties. Starcor was granted a charter in 1935 to serve employees and family members of St. Cloud Reformatory (now known as the St. Cloud Correctional Facility), later also serving the employees of the Rush City Correctional Facility and their families.
Two California CUs Announce Merger
Separately, in Anaheim Hills, Calif., the $1.5-billion Credit Union of Southern California said effective June 1 it will complete its merger with the $18-million FedONE FCU in Laguna Niguel, Calif. The combined CU will have 20 branches and serve more than 118,000 members throughout Los Angeles, Orange, Riverside, and San Bernardino counties.
CU SoCal President and CEO Dave Gunderson will continue in the same role of the combined organization.
The Laguna Niguel and Los Angeles branches of FedONE FCU—which serves federal employees and their immediate family members who work in California, Nevada, Arizona, Hawaii, Guam, and the Mariana Islands—will remain open and retain the same associates.
“FedONE FCU has provided its members with the best financial services possible throughout the years, and we share in that same mission. We look forward to the opportunity to serve their members’ financial needs with the exceptional service they’ve come to expect and deserve,” said Gunderson.