NCUA to Connect with State Farm CUs on Merger App by June 1

ALEXANDRIA, Va. – NCUA said it expects to touch base with State Farm Credit Unions on its merger application by June 1. The 12 credit unions that serve $50.2 billion State Farm Insurance sent its application to NCUA March 1. Combined, the credit unions, which are located in 20 states, have assets of nearly $3 billion and serve 136,000 members. If approved, the new credit union, which would be called State Farm Federal Credit Union, would be among the largest credit unions in the nation. Tom DeWitt, president/CEO, State Farm-Great Lakes Federal Credit Union, would be the new CEO. The other 11 CEOs would remain on as managers. Each respective board has already approved the merger, DeWitt previously said. According to NCUA Spokeswoman Cherie Umbel, the application is still in the reviewing stage. “The agency does expect to be back in touch with State Farm CU about the application by June 1,” Umbel said. If approved, the credit unions will put the merger to a member vote. The merger was proposed to enhance operating efficiencies, improve service to members and eliminate individual credit unions having to do any restructuring to keep pace with region or zone realignments done by State Farm Insurance, DeWitt has said.