BURNSVILLE, Minn. -- SourceOne Credit Union has officially merged with US Federal Credit Union.
With the merger US Federal members grew by 4,500 to almost 80,000, assets climbed to nearly $700 million, and the credit union added three new branch locations to its service area.
"The SourceOne Board of Directors unanimously supported this merger," said Gene Benting, former SourceOne board chairperson. "It enables our members to enjoy additional credit union services, multiple new branch locations, expanded ATM access and much more."
With limited resources in an increasingly competitive market, SourceOne directors concluded that a merger was in the best interest of their membership. After scouting out potential merger partners, the directors chose US Federal Credit Union because of its complementing field of membership, branch locations, and service menu. But perhaps greatest of all was US Federal's long-standing dedication to its members' best interests.
"We are thrilled to welcome SourceOne members to the US Federal family and we look forward to providing the same quality service that we've offered our own members for over 80 years," said Bill Raker, US Federal president/CEO.
Since the initiation of the merger, US Federal and SourceOne have worked tirelessly to make the transition process an easy one, particularly for SourceOne members.
"Communication was key throughout this process," said Raker, "Keeping our new and existing members informed was crucial to the success of this transition. The members of both credit unions benefit from this merger, and it's important we let them know how."