Merger Plan Scrapped
The $3.4 billion Corporate America Credit Union and the $185 million Louisiana Corporate Credit Union announced Sept. 17 that they have called off their merger plans.
The two corporates decided to part ways rather than remain in “merger limbo,” as Corporate America interim President/CEO Dan Buckley called it, waiting for NCUA approval. The two first announced their intent to merge back in January 2011.
Buckley and Savoie said despite calling off the merger, the two corporates will continue to collaborate on various projects, as they have for many years. One project in process is enacting an agreement for LaCorp to partner with Corporate America for disaster recovery services.
“It makes sense to work with Corporate America for business recovery and continuity services,” Savoie said. “Our corporates have good proximity but are far enough away from each other to make it practical as a backup site.”