Two multi-billion dollar credit unions in Tennessee and Georgia said they are planning to merge by the end of this year or early 2027.
The $4.6 billion Ascend Federal Credit Union in Tullahoma, Tenn., and the $2.3 billion LGE Community Credit Union in Atlanta announced the proposed consolidation Monday.
If approved by members and regulators, the credit unions estimated the combined organization would manage more than $7 billion in assets with approximately 950 employees that would operate more than 40 branches and serve over 390,000 members.
Ascend President/CEO Matt Jernigan will lead the combined credit union and LGE Community President/CEO Chris Leggett will be retained in an executive role after the merger.
"Both organizations share a deep commitment to member‑first service and community impact," Jernigan said. "This planned merger allows us to build on those strengths with intention, ensuring we continue to serve people with clarity, care and purpose – today and into the future."
Although headquartered in different states, the credit unions said in a prepared statement that geographic diversity reduces concentration risk, creates new growth opportunities, and allows best practices from each region to be shared and scaled across the combined organization.
"This partnership is rooted in responsibility and care," Leggett said. "By coming together, we can strengthen our ability to support members and communities while staying true to the principles that have guided us for decades."
The combined credit union will be called Ascend Federal Credit Union. LGE Community will retain its name during the transition until the core system conversion of the combined organization is completed.
The credit unions said they are in the process of submitting a merger application to state and federal regulators for their approvals, which will be followed by a special meeting of LGE Community members to vote on the proposed consolidation.
Peter Strozniak can be reached at peter.strozniak@arc-network.com.
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