Five Mergers in Five States On Track or Completed
Small credit unions in Florida, New York, New Hampshire, Minnesota and Hawaii have just finalized or on track to finalize mergers with larger credit unions as the new year begins.
The $47 million SCORE FCU in Tallahassee is merging into the $437 million Gulf Winds FCU in Pensacola on Jan. 1.
The merger with SCORE FCU will add more than 5,500 members and three branches to Gulf Winds’ eight branches. Post merger, Gulf Winds will manage $475 million in assets and serve more than 56,000 members in Escambia, Santa Rosa, Leon, Gadsden, Wakulla and Jefferson counties in Florida and Escambia County in Alabama.
“The Gulf Winds team is excited and motivated to serve the SCORE FCU members and the Tallahassee area," said Chris Rutledge, president/CEO of Gulf Winds. "We are already working hard with the SCORE FCU team in preparation to offer our market-leading savings and loan rates. As we plan for the future, our goal is to find ways we can expand our footprint within the communities we serve and beyond.”
The $8 million Niagara Mohawk Power Mohawk Division FCU in Gloversville, N.Y. will merge into the $69 million Fulton County FCU in Gloversville, northwest of Albany, by Dec. 28, according to a report posted on LeaderHerald.com, a local newspaper site.
The newspaper reported a majority of the 614 members of Mohawk Power Mohawk Division FCU recently voted to approve the merger.
Post merger, Fulton County FCU will have $77 million in assets and serve 11,600 members.
The $111 million Woodlands CU in Berlin, N.H. will merge into the $731 million Northeast Credit Union in Portsmouth, N.H. by Jan. 1.
Members of the Woodlands Credit Union voted in October to approve the merger. Regulatory approvals also have been secured.
Post merger, Northeast CU will manage more than $800 million in assets and serve over 90,000 members through 15 branches in New Hampshire’s Great North Woods, the Seacoast as well as the Dartmouth and Merrimack Valley regions.
On Dec. 1, the $1.2 million Ashby Federal Credit Union in Ashby merged into the $240 million Mid-Minnesota Federal Credit Union in Baxter, northwest of Minneapolis
“The Board of Directors from the Ashby Federal Credit Union approached us to merge their credit union into MMFCU due to the difficulty of being able to offer the services their members were requesting and the increasing compliance burden,” said MMFCU President/CEO Chuck Albrecht.
In November, the Ashby Federal Credit Union Board of Directors and 500 members voted to approve the merger.
On Dec. 2, the $3 million Kapalama Pacific Federal Credit in Honolulu merged into the $153 million Hawaii Central Federal Credit Union in Honolulu
The merger increases Hawaii Central FCU's assets to more than $157 million and its total membership to over 13,000.