ASHLAND, Ky.–Two Kentucky credit unions have announced plans to merge. The 531 members of the $4.3-million Greenup County FCU have voted in favor of merging into Members Choice Credit Union.
Greenup County FCU reported net income of $12,950 in 2020, with capital of 12.24%. The disclosure form filed with NCUA said no executives will receive any additional compensation as a result of the merger.
The $279-million Members Choice CU has approximately 20,500 members.
The two CUs said the merger will be effective on March 1 and that GCFCU’s one location in downtown Russell will remain open.
“We’re very excited to receive this final approval from their members and the state and federal agencies,” said Cheryl Deborde, president and CEO of MCCU. “MCCU is excited to welcome the members of Greenup County FCU. Both credit unions share a deep understanding of our commitment to members and the communities we serve.”
The combined credit union will have 65 employees and five branches.