ANTIGO, Wis.–Two Wisconsin credit unions have announced plans to merge. Members of the $79-million CentralAlliance Credit Union have voted in favor of merging into the $1.5-bllion CoVantage
Credit Union, Tonni Larson, CEO of CentralAlliance, told the Antigo Times.
Plans call for the merger to be completed by Jan. 1, 2019.
“We have had a long and successful history of serving our members and communities well,” Larson told the publication. “There are, however, an abundance of challenges for credit unions trying to compete and stay relevant in today’s financial services industry. Because of this, the board of directors for CentralAlliance and I decided to look for a partner to merge with – and we selected CoVantage Credit Union.”
Charlie Zanayed, president/CEO of CoVantage Credit Union, told the Antigo Times his credit union looks forward to the opportunity to serve the members of CentralAlliance.
CentralAlliance Credit Union was founded in 1934.