WARRENVILLE, Ill. -- December is shaping up as an active month for merger completions in the corporate credit union realm.
Among the latest is the Dec. 1 merger of Central Credit Union Fund and Members United Corporate Federal Credit Union.
To assure consistency and continuity in service quality, Central Fund's member contact staff has been retained. An office in Massachusetts, where Central Fund is based, will be maintained to deliver the same local, personalized service the state's credit unions were accustomed to receiving. This commitment to quality member service, and to Central Fund's 208 member credit unions and credit union organizations, was fundamental to both corporates during the merger process, they said.
John Caulfield, president/CEO, St. Mary's Credit Union and Central Fund's previous board chair, has been appointed to Members United's board of directors.
"We are pleased that Central Fund's members are now a key part of the Members United family," said Joseph Herbst, CEO, Members United. "With our commitment to personalized member service and a local presence in Massachusetts, a unique innovation department, as well as our extensive product depth and financial strength, we now serve nearly 2,300 credit unions of all sizes throughout the nation."
NCUA approved the merger in September. The members of Central Fund overwhelmingly approved the merger in June and the Massachusetts Division of Banks granted their approval in July.
"This merger is a clear 'win' for Massachusetts' credit unions," said James Van Arsdale, former president/CEO of Central Fund, who is now serving as senior vice president, Massachusetts Market, at Members United. "They can enjoy a broad array of competitive products and services, tap into the vast resources of Members United, and position themselves to be formidable competitors in the marketplace for the long term."
The $12.1 billion Members United provides wholesale investment, credit, payment, and correspondent services to nearly 2,300 credit unions nationwide.