FAYETTEVILLE, N.C.–Credit unions in two different states have announced merger plans, with small CUs opting to merge into a much larger CU in both cases.
In North Carolina, members of the $7.6-million Fayetteville Postal Credit Union have voted in favor of merging with the $358-million Piedmont Advantage Credit Union.
“While a merger may seem like an end, it is actually a new and exciting beginning! Fayetteville Postal Credit Union has been proudly serving its member owners since 1928, making it one of the oldest credit unions in North Carolina,” said FPCU Board Chairman Dorothy Schrecker.
Dion Williams, president/CEO of Piedmont Advantage CU, pointed to product and service enhancements the merger will bring to members of Fayetteville Postal, such as mortgage loans, instant issue debit and credit cards, financial planning, and mobile deposits in his remarks. Williams also emphasized PACU’s commitment to the individual credit union member-owner and the local communities it serves.
Piedmont Advantage Credit Union has 39,761 members and nine branches, with the branch of Fayetteville Postal becoming its tenth.
Massachusetts Merger
Meanwhile, in Massachusetts, Ocean Spray Employees FCU has proposed merging into Merrimack Valley Credit.
Ocean Spray Employees FCU serves the sponsor company of the same name and has approximately 1,100 members. Members of both CUs will vote on the proposed merger on Dec. 9.
“The combination of Merrimack Valley Credit Union and Ocean Spray Employees Federal Credit Union is a great match, as both organizations have shared values and culture,” said John J. Howard, president and CEO, Merrimack Valley Credit Union, in a statement. “We are very excited to welcome Ocean Spray Employees Federal Credit Union members to our family.”
For the past two years, Ocean Spray Employees Federal Credit Union has shared a location with Merrimack Valley Credit Union’s Bridgewater branch, the credit unions said, adding the merger will not result in any layoffs or the elimination of any positions.
“Over the last several months, our board of directors determined it was in the organization’s best interest to merge with a larger financial institution to accommodate our members’ growing banking needs,” said Annette Yee, CEO of Ocean Spray EFCU. “The proposed merger with Merrimack Valley Credit Union will ensure that we can continue providing our members with excellent service. Once the proposed merger is completed, our members will have access to a wider range of products, services and member benefits.”
Other Recent Merger
Merrimack Valley Credit Union recently completed a $382-million merger with Bridgewater Credit Union, and has more than $1 billion in assets and 10 branch locations.
Ocean Spray Employees FCU has approximately $10 million in assets.