Two more $2 million credit unions, the Mercy Health Services Employees FCU of Baltimore and Rochester Dairy Cooperative Employees CU in Minnesota, are moving ahead this month with mergers into larger brethren.
Management succession at one and a desire to provide higher service levels were cited as reasons for the consolidation of the two healthy credit unions.
Mercy Health is being merged into the $1.2 billion MECU of Baltimore. Mercy Health has one office and 1,000 members and is located a block from MECU’s main office.
The merger is set to become formally effective Nov. 4. It is the first merger for MECU since 2006, said John Godwin, vice president of business development/strategic alliances.
“Right now we are working on completing this merger but we are always open to opportunities,” he said.
The $125 million First Alliance Credit Union of Rochester, Minn., said it has long provided services to Rochester Dairy Cooperative Employees, whose 500 members chose to seek a partner following the planned retirement of its manager, David Campbell.
First Alliance has provided a range of BSA, compliance and regulatory services for more than eight years with Campbell deciding last year a change was needed, said Mark Hettinger, vice president of Alliance, which has 12,000 members in five Minnesota counties. This is First Alliance’s first merger.