Having won NCUA and member approval, the $2 billion Atlanta Postal Credit Union looks to complete a merger of the $23 million Human Services Employees’ Credit Union by June 30, it was announced Wednesday.
Discussions regarding consolidation of HSECU, also of Atlanta, have been under way for more than a year as the CU sought out a partner to offer a broader product/service mix, the credit unions said.
“The two boards looked at this consolidation from a strategic point of view as one that can benefit both credit unions,” said Dianne Yost, senior vice president of 100,000-member Atlanta Postal.
The 5,100-member HSECU has been healthy and well capitalized but “like many other small credit unions found it difficult and challenging to operate in a tough regulatory and compliance climate,” Yost said.
The merger had been approved by HSECU members Feb. 28 and by NCUA at year end.
Atlanta Postal is on the NCUA’s merger list “but we are not aggressively out there actively going after new merger partners,” Yost said. “That is not part of our strategy.”