The $450 million 1st MidAmerica Credit Union, one of metro St. Louis’ largest CUs in Illinois, is merging the ailing $5 million Alton Area Employees FCU effective June 27.
NCUA had approved the merger June 10 along with the Illinois Division of Financial Institutions.
The merger would give 1st MidAmerica headquartered in Bethalto and which was formerly known as Olin Community CU, its sixth Illinois branch. Other facilities are in Alton, Bethalto, East Alton, Godfrey, and Jerseyville, with a seventh opening in Wood River this September.
A 1st MidAmerica spokeswoman said the merger is its first since last summer, adding while there are no immediate plans for more consolidations, “we remain open to opportunities.”
Alton Area Employees lost $148,000 in the first quarter and has seen its net worth drop from 4.97% last year to 2.55% in the first quarter.