SAVANNAH, Ga.–Mergers have been announced by credit unions in Georgia and California.
In Georgia, the $73-million Augusta VAH Federal Credit Union said it will merge into the $930-million SRP Federal Credit Union.
The combined credit union will have 20 branches and more than 50 ATMs in Georgia and South Carolina.
“This voluntary merger with SRP Federal Credit Union will provide a means for the enhanced products and services that Augusta VAH Federal Credit Union members desire,” Phyllis Cochran, president and CEO of Augusta VAH Federal Credit Union, said in a statement. “We are very happy to be merging with a local credit union that is committed to serving the communities that we live, work, and worship in together. We are eager to begin this journey and know it will be beneficial for our members.”
Added Harry Gunsallus, president and CEO of SRP FCU in the same statement, “We are both locally based credit unions with the common interest of serving and improving our community. We believe this merger solidifies our commitment to staying local and to expanding our presence in the Augusta market.”
The merged institution will serve approximately 140,000 members.
California Combo
Separately, Salinas, Calif.-based Coast-Tel Federal Credit Union said it plans to merge into Capitola, Calif.-based Bay Federal Credit Union, pending regulatory approval and a vote by Coast-Tel FCU members.
Coast-Tel has $20 million in assets and 3,200 members, one branch location, and one ATM. Bay Federal Credit Union has $995 million in assets and 71,000 members.
In conjunction with the merger, CTFCU President CEO Judy Meyers has announced plans to retire after nearly 50 years in credit unions. Coast-Tel cited an “increasingly complex and competitive financial services landscape” for seeking the merger.
If Coast-Tel FCU members OK the combination, the merger is scheduled for early 2019, with the operational merger of accounts to be finalized by mid- 2019. The Coast-Tel FCU branch will remain open once the merger is complete.
‘Excited About Opportunity’
“We are excited to pursue this merger opportunity with Coast-Tel Federal Credit Union. Both organizations started as a vision of a few coworkers who pooled their financial resources together to help one another in the 1950s. This philosophy of ‘people helping people’ remains true and strong today and is evidenced in the work and collaboration among credit unions. I’ve had the distinct pleasure of working alongside Judy for several decades, and her passion for serving her members is unwavering and inspiring.” Said Bay Federal Credit Union President and CEO Carrie L. Birkhofer in a statement. “We believe that this partnership will be mutually beneficial and will provide even greater options to our collective membership. We are looking forward to welcoming Coast-Tel Federal Credit Union members into our family and expanding our branch network to better serve all of our members throughout the Salinas-Monterey area. We are committed to investing in our partnership and our community for years to come.”