The $317 million Heritage Family Credit Union of Rutland, Vt. has merged the ailing $16 million Central Vermont Public Service Employees Credit Union.
Central Vermont began scouting prospective merger partners late last year following yearly losses as its loan volume stagnated, said officials. Last year it lost $201,000 and $51,000 in the first quarter. Its capital, however, has remained steady.
In mid-March, CVPS Employees put out formal bids with “three or four of us making offers,” said Ronald Hance, president/CEO of Heritage.
The 1,800-member CVPS Employees retains one leased office. Heritage Family has nine branches and 35,000 members.
Final computer conversion for the merger was completed June 1, said Hance. Heritage Family was chartered in 1956 as the Ludlow-Rutland General Electric Employees Credit Union and retains a community charter.