Credit unions in Missouri recently announced the completion of their merger while Massachusetts credit unions received member approval to finalize their consolidation in June.
The $173 million Gateway Metro Federal Credit Union in St. Louis, Mo., merged with the $491 million West Community Credit Union in O'Fallon, Mo., after Gateway Metro members voted in favor of the consolidation earlier this month.
The combined institution now manages $664 million in assets and more than $509 million in loans, with 175 employees operating 16 locations and serving nearly 42,000 members.
"This merger represents a strategic investment in our members, our people and the communities we serve," West Community Credit Union President/CEO Jason Peach said. "By bringing together two strong organizations with shared values, we are better equipped to meet evolving member needs while empowering our teams and staying true to our mission of people helping people."
Gateway Metro President/CEO Jerome Lewis will remain employed with West Community and assume the role of chief risk officer.
He received a new employment contract guaranteeing his current salary. Lewis will also receive a deferred compensation benefit of $75,000 per year, which will be vested and paid at the end of seven years should he remain employed with the credit union, Gateway Metro disclosed in its merger documents filed with the NCUA. There are no other merger-related financial arrangements to disclose, the credit union said.
The credit unions' systems integration process is expected to be completed by Oct. 1.
On Wednesday, members of the $86.4 million Franklin First Federal Credit Union in Greenfield, Mass., approved consolidating with the $1.6 billion Greylock Federal Credit Union in Pittsfield, Mass.
The combined institution will manage more than $1.7 billion in assets and more than $1.3 billion in loans, with 293 employees who will operate about 15 locations and serve nearly 113,000 members starting June 1 when the merger closes.
"The board of directors and employees of Franklin First are thankful to our membership for supporting this merger and we look forward to continuing our work for our members and in our community with the strong support from Greylock behind our team here in Franklin County," Franklin First President/CEO Michelle Dwyer said.
Dwyer will continue to manage the Franklin County market.
"As we move forward together, we will continue to build upon this strong foundation of stewardship and will remain committed to serving the people of Franklin County," Greylock President/CEO John L. Bissell said.
Peter Strozniak can be reached at peter.strozniak@arc.network.com.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.