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The members of Security Plus Federal Credit Union voted in favor of merging their Russellville, Ky.-based credit union into the $223 million, Bowling Green, Ky.-based Service One Credit Union during a special meeting on June 24, Service One announced Thursday.
The merger, which was first announced by Service One in November 2021 and is still pending regulatory approval, will bring Service One's branch count from four to five, as it will gain Security Plus's single Russellville location as part of the deal. Service One currently operates three branches in Bowling Green and one in Glasgow, Ky., about 35 miles east of Bowling Green. Russellville is located about 25 miles west of Bowling Green.
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"We are very excited to expand into Russellville," Rebecca Stone, president/CEO of Service One, stated. "We plan to move the branch from its current location to one that is accessible to the entire community and open our membership to all residents of Russellville and the surrounding area."
According to NCUA financial performance reports for Security Plus, the credit union's total loan balance was $150,317 on March 31, plunging 60.2% from a year earlier. The result was a sharp drop in net interest income and a worsening of losses for Security Plus, which was chartered in 1959 to serve manufacturing industry workers.
Last year, it lost $17,772, or -2.41% ROA, compared with a loss of $1,232, or -0.17% ROA, in 2020. In the first quarter it lost $34,433 (-21.22% ROA), compared with a loss of $62 (-0.03%) a year earlier.
Assets on March 31 were $578,260, down 23.9% from a year earlier, and membership was 132, down 8.3%.
Coinciding with Service One's merger with Security Plus this year is the credit union's merger with MidWest America Federal Credit Union ($824 million, Fort Wayne, Ind.), which will officially hand over its two Kentucky locations in Scottsville and Hopkinsville to Service One on Aug. 1, according to the announcement.
Service One, which has been in business since 1963, said the merger will give Security Plus members access to a variety of new products and services including checking accounts with added-value services, high-interest CDs, debit cards and credit cards, online and mobile banking, and a network of over 40,000 free ATMs nationwide, as well as personal, auto, home improvement and mortgage loans.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
Jim DuPlessis
Jim covers economic data trends emerging for credit unions, as well as branch news and dividends.
