WARRENVILLE, Ill. and ALBANY, N.Y. - More details have emerged about the Mid-States Corporate FCU and Empire Corporate FCU merger. The boards of the corporates met recently and approved a definitive agreement to merge. If the merger, which must be approved by NCUA, goes through, Empire CEO Joe Herbst would be the CEO of the merged corporate, with Mid-States CEO David Preter serving as president. The headquarters would be located in Warrenville, Ill., home to Mid-States, but Empire's current Albany, N.Y. headquarters would remain as a major operations center. The new corporate will not take the Mid-States or Empire name - a new name is currently in development. As for the merged board, Empire will have a one-seat majority, while the chairman will come from Mid-States. The corporates expect to have a 15-person board. They have yet to submit their application to NCUA. Given his new role, Herbst will be relocating to Illinois if the merger is approved. A bonus of that, said a spokesman, is that Illinois is a better location for Herbst to travel to industry events, than Albany. If successful, it would be the largest corporate credit union merger ever with the merged corporate having assets of approximately $8.4 billion. -pgentile@cutimes.com
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From the February-01, 2006 issue of Credit Union Times Magazine • Subscribe!
Mid-States/Empire Plan New Name; Herbst to be CEO
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