The $138 million BluCurrent Credit Union, largest in southwest Missouri, is merging the ailing $5.4 million Greater Ozarks Community Credit Union effective Aug. 31.
Talks between the two Springfield credit unions have been underway since last May.
“The board of Greater Ozarks did approach us and now we look forward to a successful combination of our two credit unions,” said Jenny Reynolds, vice president-marketing. at BluCurrent.
Greater Ozarks, with 2,000 members and formerly known as Railway Employees Credit Union serving the Burlington-Northern line, lost $100,000 last year and saw its net worth drop to 5.4% in June.
Reynolds said Greater Ozarks’ lone branch in Springfield near the Kansas Expressway will remain open until a new nearby BluCurrent facility opens in late September or October.
“In recent months, it has become increasingly difficult to provide ever changing financial products and services to our members and maintain a competitive edge within today’s regulatory environment,” explained Al Wagner, chairman of Greater Ozarks. “We are excited to make this transition.”
BluCurrent, which changed its name from Postal Federal CU, has two branches and 17,425 members serving a 10 county area of southwest Missouri.