MORRISTOWN, Tenn.–Two Tennessee credit unions said they are seeking to combine.
The $3.45-billion ORNL FCU in Oak Ridge and the $140-million Lowland Credit Union in Morristown said they plan to merge, pending a member vote and regulatory approval. The merger is expected to close in the second quarter of 2024. The two CUs are approximately 70 miles apart.
ORNL reported $41 million in net income as of Sept. 30, with net worth of 11.14%. Lowland Credit Union posted a loss of $162,493 and capital of 7.20% as of the same date.
“LCU has been a pillar of the communities in which they serve, providing valuable financial products and services and a member-focused experience for over 70 years,” Jenny Vipperman, president and CEO of ORNL FCU, said in a statement. “We look forward to our combined organization continuing to provide unmatched value and service to our shared members and communities for many years to come.”
‘Support for Each Other’
Added LCU President and CEO Mark Creech, “Credit unions are unique in that they support each other instead of competing against each other, and over the years, ORNL FCU has been a good friend and neighbor to us. They have a reputation for being member- and community-focused, and their community charter overlaps ours almost perfectly.”
The combined credit union would have approximately 210,000 member and 31 branches.
The two CUs said LCU members can expect more products and services at competitive rates, a 24/7 call center, and “industry leading mobile and online banking platforms” following the merger.
Jobs Guaranteed
In addition, the credit unions said all LCU employees have been guaranteed a job at the combined credit union with equal or greater pay and benefits, as well as opportunities for remote work, and a retention bonus. Employees will further retain their tenure, and all time off balances will fully transfer.
“We believe deeply in the credit union movement’s mission of people helping people,” said Vipperman. “Our employees are our most valuable asset in serving our members, and we look forward to welcoming the employees of LCU into our organization.”
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