The $282,614, 144-member Dairy-Pak Athens Credit Union has merged with the $11 million, 2,369-member First Reliance Federal Credit Union, both in Athens, Ga.
Like many tiny credit unions, Dairy-Pak has been losing loan, investment and fee income over the past five years. From 2008 to 2012, the credit union has posted a total net income loss of more than $33,000, according to NCUA financial performance reports.
Dairy-Pak Athens CU was established more than 60 years ago to serve the financial needs of employees at the packaging manufacturer.
The merger makes First Reliance FCU the only locally based credit union serving the Athens-Clarke County area, according to a joint statement released by First Reliance FCU and Dairy-Pak Athens CU.
First Reliance also has premiered a new website, firstreliancefcu.org that celebrates its local roots.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
