ALEXANDRIA, La.–Several credit unions have announced the completion of mergers, including one CU that merged in two CUs in one month.
The $313-million Pelican State Credit Union said it has merged in the $5.2-million St. Landry FCU and the $10.2-million St. Jules Credit Union. Both mergers were closed during a 30-day period. Both credit unions, Pelican State reported, had been seeking a merger partner.
“Our team is honored to welcome the members and employees of both credit unions and their Select Employer Group partners into the Pelican State CU family. We are excited to continue to serve the Opelousas and Lafayette areas on an even deeper level and plan to continue to invest in both communities,” said Pelican State CU CEO Jeffrey K. Conrad.
Overall, Pelican State CU said it has completed 10 mergers with credit unions across the state of Louisiana including Monroe Credit Union, Louisiana Farm Bureau Credit Union and Lake Charles TELCO Credit Union.
Meanwhile, in Anaheim, Calif., Credit Union of Southern California (CU SoCal) and Pacific Community Credit Union have completed their merger. The combined operation now has $1.4-billion in assets, 20 branches and more than 100,000 members.
CU SoCal President/CEO Dave Gunderson remains as President/CEO of the combined organization, while PCCU President/CEO Kevin Pendergraft will serve on the senior team of the combined organization.
“I am excited for the expanded opportunities that await you in your new positions,” said PCCU President/CEO Kevin Pendergraft, while addressing his employees just before the merger. “I’m also excited that our members will be part of a credit union that shares our values of providing world-class service and recognizes our members as member-owners.”
Gunderson shared, “We are equally excited about this partnership. CU SoCal and PCCU both share a commitment to building better lives for members and employees. Together, we bring our members and employees greater value in both the long and short term.”
In a statement, the credit unions said they relied on employee engagement and CU SoCal’s experience with past mergers to mitigate complexities associated with integrating member data.