SIOUX FALLS, S.D.–Two South Dakota credit unions have announced merger plans.
The $181.3-million Voyage FCU and the $28.6 million Vermillion FCU said they are seeking to combine to create a CU that would serve approximately 20,000 members.
Voyage FCU’s FOM includes Minnehaha and Lincoln counties in South Dakota, while Vermillion FCU’s FOM include s25 counties in South Dakota, Iowa, Minnesota and Nebraska.
Voyage FCU has three branches, while Vermillion FCU has one branch in Vermillion, which would remain open if the merger is approved. In a statement announcing the merger, the credit union said Vermillion FCU members would have access to expanded services such as business checking, business loans, money market accounts and IRAs if the deal is approved.
Should members approve, the merger is scheduled to be completed in the summer of 2023.
Both CUs in the Black
Both credit unions are profitable. As of Sept. 30, Voyage FCU reported $830,749 in net income, with capital of 9.8%. Vermillion FCU posted $118, 475 in net income and capital of 9.55%. Vermilion FCU has not yet filed its member disclosure form with NCUA.
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