LAKE CHARLES, La.–Two Louisiana credit unions have announced plans to merge.
Firestone Lake Charles FCU, founded 67 years ago to serve the then employees of then Firestone Polymers and later expanded to other industrial SEGs in the 1980s, said it plans to merge into Pelican State FCU.
In a letter to members, FLCFCU cited struggles to grow its membership and challenges in remaining competitive due to its small size. The credit union, which has just two employees, also said it experienced additional challenges during the coronavirus pandemic and "significant operational challenges from 2020 Hurricanes Laura and Delta," according to the letter.
The $12.5-million Firestone Lake Charles reported negative net income of $15,720 in Q1, after posting positive net income in 2020.
The $570-million Pelican State in Baton Rouge reported net income of $3.7 million as of March 31. It has more than 50,000 members.