Idaho Merger: Cassia County Education Association CU into ISUFCU
The $2.6 million Cassia County Education Association Credit Union in Burley, Idaho has merged with the $136 million Idaho State University Federal Credit Union in Pocatello, Idaho.
“This merger combines a Pocatello credit union and Burley credit union that deal with educators at every level in those communities,” said Robert V. Taylor, president/CEO of ISU Federal Credit Union. “We expect to see some economy of scale with the joining of the two credit unions and feel this merger will benefit the membership of both institutions.”
CCEACU’s sole branch in Burley will continue to operate, the credit unions said.
Like many small credit unions, CCEACU’s has seen declines in its revenues and membership over the past five years.
CCEACU’s loan income has dropped from $78,378 in 2008 to $61,388 in 2012, and its investment income has fallen from $66,984 to $17,523 in the same time period, according to Callahan & Associates. Credit union membership also has declined from 973 members in 2008 to 809 members in 2012.
The merger took effect Aug. 1.