Credit Unions Announce, Finalize Mergers
Credit unions in Alabama announced plans to merge on Nov. 8, while cooperatives in Georgia, Hawaii and Pennsylvania recently finalized consolidations.
The $752 million Avadian Credit Union and the $12.7 million EBSCO Federal Credit Union, both headquartered in Birmingham, Ala., said Nov. 8 they plan to merge by the first quarter of 2018.
Avadian will assume EBSCO's sole branch, located inside the headquarters of EBSCO Industries, which will continue to offer financial products and services for employees of EBSCO Industries.
Brian Wilson, EBSCO's board chair, will join Avadian's board after the merger is finalized.
Chartered in 1953, EBSCO served 1,416 members.
On Nov. 1, members of the $64.2 million Southeast Federal Credit Union approved its consolidation into the $359 million Peach State Federal Credit Union in Lawrenceville, Ga.
The merger agreement, which was approved by the NCUA, will be finalized on Dec. 1.
Southeast FCU in Cornelia, Ga., was chartered in 1975 and served the financial needs of the employees of the Riegel Textile Corp. Over the years, the credit union expanded its field of membership, serving more than 200 SEGs and 7,520 members.
John Fair, president/CEO of Southeast FCU, will join the Peach State executive team.
The $40.4 million Apex Federal Credit Union in Stowe, Pa., merged with the $2 billion American Heritage Federal Credit Union in Philadelphia on Nov. 1.
Chartered in 1949, Apex served 4,558 members and operated one branch.
On Oct. 30, members of the $36.5 million West Oahu Community Federal Credit Union in Walanae approved its consolidation with the $344 million Pearl Hawaii Federal Credit Union in Waipahu. West Oahu Community was chartered in 1949 and served 4,618 members.