In Louisiana, the $623.5-million OnPath FCU and the $403.9-million Louisiana FCU, which is headquartered just 23 miles away in LaPlace, have announced plans to combine.
If approved by members, OnPath would be the surviving name and charter. The merged CU would have approximately 90,000 members.
Through Sept. 20, OnPath FCU reported a loss of $2.352 million, with capital of 9.29%. Louisiana FCU posted $2.028 million in net income, with net worth of 13.65% as of the same date.
In a statement, the credit unions said Jared Freeman, president and CEO of OnPath, would be CEO of the continuing credit union. Rhonda Hotard, who leads Louisiana FCU, would become president of the new OnPath.
OnPath, which start out in 1961, currently has 10 branches in metro New Orleans and Thibodaux.
FCU, which was founded in 1935, has branches in Norco, Gonzales, Gramercy, Hammond and LaPlace, according to Nola.com.
Merger Plan in Michigan
Meanwhile, in Michigan, the $153.2-million Ignite Credit Union in Grandville and the $223.6-million BlueOx Credit Union in Battle Creek said they are seeking to combine. Although it is the larger of the two CUs, if members approve, BlueOx would become “BlueOx Credit Union, a Division of Ignite Credit Union.”
As of Sept. 30, Ignite CU reported $1.67 million in net income with capital of 12.13%. Blue Ox posted $602,645 in net income, with net worth of 8.74%
Ignite CU noted the model where each organization maintains its individual name was established in 2022 when Allegan Credit Union and Rivertown Credit Union merged with ICU but retained their individual branding.
The merged CU would have more than 32,000 members and 11 branches.
“What better way to demonstrate the credit union industry’s commitment to serve than to partner with a like-minded organization,” said Steven Cobb, president/CEO, BlueOx Credit Union, in a statement. “We pride ourselves on helping our members and communities in every way possible and are constantly looking for ways to maximize that impact. We look forward to not only continuing that commitment through this partnership but to a brighter future together, serving more members.”
‘Huge Financial Voice’
Added Kristopher Lewis, president/CEO of Ignite Credit Union, in a statement, “Credit unions continue to be a huge financial voice and advocate for the communities we serve. I am super excited about our partnership with BlueOx Credit Union and what it means for the future. Mergers like this, born out of the passion to serve more members and help more people, increase our voice and the impact we can make.”
As of Sept. 30, Ignite CU reported $1.67 million in net income with capital of 12.13%. Blue Ox posted $602,645 in net income, with net worth of 8.74%
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