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NAPERVILLE, Ill, and AUBURN, Mass. — 2007 looks to be one of the most active years ever for corporate credit union mergers. The latest deal 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. Massachusetts-based Central CU Fund is an interesting corporate. Founded in 1932, it is the oldest corporate, but one that has faced restrictions. Up until recently, it was not permitted to own shares in CUSOs and it could not engage in any 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.

The board concluded that a merger would be the fastest and most efficient way to offer more to its members. After a lot of study and a list of five final corporates, it landed on Members United as the right partner. Members United has a presence in the very competitive Northeast region already, a geographic factor that Central CU Fund liked.

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