The 5-year-old, $554,000 CR Community First Federal Credit Union in Eagle Butte, S.D., has merged into the $950 million Black Hills Federal Credit Union in Rapid City, S.D., the larger credit union announced.
Financial terms of the merger agreement were not disclosed. Businesses and individuals who live, work, worship or attend school in Ziebach or Dewy counties, which CR Community FCU served, also are eligible to become members of Black Hills FCU.
CR Community First was opened in 2007 to serve the Cheyenne River Reservation in one of the poorest areas in the nation.
Black Hills FCU said in a statement that it will keep open the former CR Community First member service center and branch in Eagle Butte until a permanent site is secured.
Black Hills FCU President/ CEO Roger Heacock said the credit union is looking forward to the opportunity to serve the many “unbanked” or “under banked” people living Ziebach or Dewy counties.
“This is an important merger for people who want to receive fair and equitable treatment from their financial provider,” Heacock said. “In the short time we’ve been in Eagle Butte, we have found people are very interested in the not-for-profit, cooperative style of financial services. Our commitment to financial education, credit building, and community involvement are much needed here.”
Black Hills FCU serves nearly 57,000 members from 11 branches in western South Dakota. It said it is planning to break ground for a 12th branch in the capital city of Pierre.