NAPERVILLE, Ill, and AUBURN, Mass. –The latest corporate credit union merger pairs $11.9 billion Members United with $245 million Central Credit Union Fund.
This makes four pending corporate credit union mergers. The other three are WesCorp/VolCorp, WesCorp/SunCorp and Southwest/Northwest.
If all of these deals come to light, the corporate network will dwindle to 25.
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Founded in 1932, Massachusetts-based Central CU Fund is the oldest corporate, and one that has faced restrictions. Up until recently, it was not permitted to own shares in CUSOs and it could not engage in mergers. Central CU Fund worked to pass legislation that took away these limitations. During that process, the corporate began to seriously evaluate its future.
"Through that effort to change the statute our board spent more time thinking strategically, thinking about our long-term position. We didn't set out with the intent to merge. We knew we wanted to enter into partnerships, but that wouldn't give us the quantum leap we wanted," said Jim Van Arsdale, CEO of Central CU Fund.
Members United has 2,400 members. It was created from the merger of Empire and Mid-States. All totaled, Members United is the combination of 11 corporates. Full coverage in the May 9 issue.
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