ST. LOUIS–Two Missouri credit unions have announced plans to combine.
The $3.4-million UBC Credit Union, which has approximately 800 members, plans to merge into the $2.3-billion Together Credit Union, which has approximately 135,000 members.
On its most recent Call Report, filed March 30, 2021, UBC posted negative net income of $1,716 and net worth of 7.68%.
“We are excited to welcome UBC members to our credit union family,” said Bob McKay, Together Credit Union president and CEO, in a statement. “As Together Credit Union members, they will gain access to numerous benefits including a wider variety of products and services, competitive rates, enhanced convenience, and enriched services focused on their financial wellbeing and goals.”
UBC Credit Union was formed in 2013, after Unite Burlington Credit Union and Choices Federal Credit Union merged.
“To continue our vision of providing loans at affordable rates with fair terms and promoting healthy savings while creating a safe and secure credit union for our members, we chose Together Credit Union as our partner. Together Credit Union has served the St. Louis community for more than 80 years, and its mission and values align with our vision,” wrote Kathleen Schweitzer, UBC’s Interim CEO, in a letter to members.
The merger has been approved by the Missouri Division of Credit Unions and NCUA.