Marking one of the largest recent mergers in the Atlanta market, the $640 million Georgia United CU and the $205 million State Employees CU, both of Duluth, Ga., said today they expect to finalize a consolidation effective May 1.
As part of the transaction, labeled by the credit unions as "a healthy merger of two " competitors, Georgia United follows through on a conversion sought last year from regulators to switch from a federal to a state charter. Until last year, Georgia United was simply Georgia FCU.
A spokeswoman for 13-branch, 85,000-member Georgia United said discussions between the two CUs have been ongoing for months and that the merger benefits both organizations.
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