The $317 million Heritage Family Credit Union of Rutland, Vt. has merged the ailing $16 million Central Vermont Public Service Employees Credit Union.
Central Vermont began scouting prospective merger partners late last year following yearly losses as its loan volume stagnated, said officials. Last year it lost $201,000 and $51,000 in the first quarter. Its capital, however, has remained steady.
In mid-March, CVPS Employees put out formal bids with "three or four of us making offers," said Ronald Hance, president/CEO of Heritage.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
