LOUISVILLE, Ky. - Park Community FCU has announced its intent to merger with B&W FCU more than a month after its long-time president/CEO, R.L. Mattingly, retired. Mattingly retired after 18 years at the helm succeeded on June 27 by Jim Oliva who had previously served as CEO of $82 million B&W FCU in Louisville. Park Community is the second-largest CU in the Louisville area, with more than 40,000 members and $253.8 million in assets. The merger could still keep Park Community as the second largest in the area behind $454 million L&N FCU. Board members at both CUs said Oliva's new role at Park Community was not a factor in the merger negotiations. Oliva's taking the helm at Park was not part of the merger negotiations, say officials at both credit unions. Park Community was chartered in 1955 for employees of General Electric Co.'s appliance division. B&W was granted a community charter in January after its longtime sponsor, Brown & Williamson Tobacco Corp., moved most of its Louisville jobs to North Carolina as part of its merger with R.J. Reynolds Tobacco Co. to form Reynolds America Inc., based in Winston-Salem, N.C. If approved by NCUA, the merger is expected to be completed in October.
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From the August-10, 2005 issue of Credit Union Times Magazine • Subscribe!
Park Community FCU Poised to Merge Following CEO's Retirement
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