HOLLYWOOD, Calif. - In what they're describing as a "harmonious transaction," Musicians' Credit Union has merged with Interguild Federal Credit Union effective Feb. 28. The new entity, Musicians Interguild Credit Union, will have combined assets of nearly $80 million. Membership will be available to anybody who lives, works or worships in the Hollywood area as well as to members of numerous musicians' organizations and the guilds and unions comprising the membership of Interguild FCU, according to Marc Jacoby, CEO, Musicians Interguild CU. The newly formed Musicians Interguild CU will maintain both offices and all of the Interguild staff will stay on board. "The merger is completely harmonious," Jacoby said. "In fact, [Interguild] approached us about this merger and then chose us because we would allow them to have representation on our board." According to Jacoby, benefits to former Interguild members include better dividends and loan interest rates, checking accounts, real estate loans, online banking, and higher rates on savings programs and share certificates. "Musicians Interguild is a bona fide player in the entertainment credit union scheme," Jacoby said. "With our greater size and our two offices, we are now able to provide the financial packages of larger entertainment credit unions, while still being able to offer a more personalized level of service." According to NCUA data as of Jan. 25, Musicians Interguild CU served 4,701 members and Interguild CU served 4,454 members.
Musicians' Credit Union Merges with Interguild Federal Credit Union
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