KNOXVILLE, Tenn.–Credit unions in Tennessee and Wisconsin have announced separate plans to either merge or seek member approval to merge.
In Tennessee, the $24-million Mountain Lakes Community FCU said it will merge into the $1.9-billion Knoxville TVA Employees Credit Union effective July 1.
“We are very excited for the opportunity to bring together two credit unions who share similar cultures and values,” Glenn Siler, CEO of Knoxville TVA Employees Credit Union, said in a statement. “Our focus has always been, and will continue to be, our members and helping them reach their financial goals.”
Upon completion of the merger on July 1, all members will have access to more than 20 branch locations in East Tennessee; including the former Mountain Lakes Community Federal Credit Union branches located in Bristol and Piney Flats, Tenn., which will now have extended hours.
The combined credit union will serve approximately 182,000 members.
Wisconsin Vote Pending
Meanwhile, in Wisconsin, the $76-million CentralAlliance Credit Union said its members are being invited on a proposed merger with the $1.56-billion CoVantage Credit Union.
All CentralAlliance Credit Union members are being invited to vote on the proposed merger on July 31st at a special membership meeting, beginning at 5:30 pm at CentralAlliance’s Neenah, Wis. office. Pending approvals, the merger is set to be finalized Jan. 1, 2019.
In a statement to the Antigo Times, Tonni Larson, CEO of CentralAlliance, said, “With three branches in the Fox Valley, CentralAlliance has approximately 5,200 members. We have had a long and successful history of serving our members and communities well. There are, however, an abundance of challenges for credit unions trying to compete and stay relevant in today’s financial services industry. Because of this, the board of directors for CentralAlliance and I decided to look for a partner to merge with – and we selected CoVantage Credit Union. We believe a future with CoVantage presents our members with a wonderful opportunity – for financial value, new services, and a strong future. While our board has unanimously voted to pursue this merger, the decision to proceed must be made by our member-owners.”
Charlie Zanayed, president/CEO of CoVantage Credit Union, added in a statement to the publication, “We are humbled and thankful for this opportunity, and look forward to being able to serve the communities of Neenah, Appleton, and Menasha with branch locations and state-of-the art technologies. We feel CoVantage has a lot to offer the members of CentralAlliance Credit Union…Last year’s patronage was the 36th consecutive year our directors authorized patronage to borrowers and savers, and it amounted to just over $3 million returned directly to our members.”