KINGSLAND, Ga.–Three more mergers among credit unions have been announced in the three days since CUToday.info’s most recent report, which listed 10 mergers that are in the works.
Among the newly announced mergers are:
Merger in the Peach State
In Georgia, the $242.6-million United 1st Credit Union said it is seeking to merge into the $3.4-billion Georgia’s Own Credit Union, which is based in Atlanta. Merger plans call for adding United 1st’s six branches in southeastern Georgia to Georgia’s Own’s network.
United 1st reported $1.95 million in net income on its year-end 5300, with net worth of 9.16%.
Georgia’s Own, which has approximately 209,000 members, reported $24.6-million in year-end net income, with net worth of 10.84%.
“It would be an honor to welcome the members and employees of United 1st to the Georgia’s Own family,” said Dave Preter, CEO of Georgia’s Own, in a statement accompanying the announcement of the merger plans. “United 1st Credit Union has a long history of putting their members first and have become an integral part of their community through providing top-of-the-line financial services and meaningful outreach.”
United 1st has not yet filed its member disclosure forms with NCUA related to the merger.
Seeking to Merge Into Smaller CU
In Albany, Ga., the $68.2-million Members United FCU said it is seeking to merge into a credit union one-fourth its size, the $15.3-million The Bridgeway FCU across the state line in Phenix City, Ala.
Members United reported a loss of $315,461 at year-end 2021, with net worth of 12.98%. The Bridgeway FCU reported net income of $313,367, with capital of 12.81%.
In its disclosure form filed with NCUA, Members United stated that the merger is in the best interests of members because it is the “intention of the board of directors…to facilitate the succession plan for Members United FCU and (to) work strategically to combine both credit union’s products and services with favorable rates to financially benefit members.”
Members United, which said its branches will remain open, said there are no plans to distribute any of its net worth and that no one will be receiving merger-related compensation.
A member vote has been set for March 29.
California Merger
In Stockton, Calif., the $207.5-million Premier Community Credit Union has set a member vote for March 24 on a merger into the $1.78-billion Self-Help FCU. Self-Help is based in Raleigh, N.C., but also has operations in California.
Premier Community has approximately 9,800 members; Self-Help FCU has approximately 94,400 members.
In its disclosure to members filed with NCUA, PCCU said the merger is “desirable and in the best interests of members in order to expand access to affordable financial services, products, and branches. Most immediately, this merger will enable Premier members to apply for expanded offerings of residential home loans.”
Premier Community reported a loss of $42,448 at year-end 2021, with net worth of 7.54%. Self-Help FCU reported net income of $21 million and net worth of 15.17%.
Premier Community said there are no plans to distribute any of its net worth, that its branches would continue to operate, and indicated that no one would be paid any compensation related to the merger.
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