WICHITA, Kan.–Two credit unions in the Sunflower State have announced plans to combine.
The $95-million Quantum CU said it plans to merge with the $38-million EquiShare Credit Union.
"There are a lot of synergies for our staff, members and community in this partnership," QCU CEO Chuck Bullock told the Wichita Business Journal. "The additional branches will enhance convenience for our mutual membership. We have similar cultures and have collaborated for years."
Quantum CU reported $249,804 in net income as of its Sept. 30 call report with a net worth ratio of 9.49%. EquiShare, although less than half the asset size, reported greater net income than Quantum CU (as of Sept. 30) of $284, 652 with net worth of 9.22%.
"Chuck and I have had a professional friendship for years," EquiShare President Gary Torres said in a statement. "This is a positive move for our membership, our staff, and our mutual goal of providing our members and our community with a greater selection of services."
Quantum Credit Union and EquiShare CU have not yet submitted their disclosure forms to NCUA related to any distribution to members of capital as a result of the merger, or whether there will be any merger-related compensation for EquiShare’s management and board.