LENEXA, Kan.–Two credit unions are proposing a merger that would cross stateliness and create a CU with nearly $9-billion in assets.
The $5.4-billion CommunityAmerica CU in Kansas, which has 374,452 members, is looking to merge with the $3.48-billion UNIFY Financial Credit Union in Allen, Texas, which has 244,424 members.
At midyear, CACU had $32.3 million in net income and net worth of 8.81%, while Unify Financial had $21.5 million in net income and net worth of 10.16% as of the same date.
CommunityAmerica will be the surviving name and brand.
The merged CU would have a presence in 18 states and 22 markets, with branches in Arkansas, California, Nevada, Tennessee and Texas, according to the organizations.
Letter to Members
In a letter to members that is included on NCUA’s site for merger-related information, CommunityAmerica CU CEO Lisa Ginter wrote, “Now, we have an opportunity to expand our reach and create more access to CommunityAmerica for you, your families, and even more people across the country. I’ve always led CommunityAmerica with goals that are defined by how many people we can help–not by how much revenue we can generate. That is the driving force behind a transformative milestone in our credit union’s history–and the reason I am writing to you.”
The letter says for the past several months the evaluation of a merger with UNIFY Financial has been under way, and that it has already “created a shared services agreement that was endorsed by the National Credit Union Association (sic) NCUA), which allowed us to oversee ey areas of their business and ensure their operations align with our current and future goals.”
Benefits Cited
Ginter, who will be CEO of the merged CU, said members will benefit from:
- The addition of new branches and ATMs
- Expanded hours and service with the “bench strength of UNIFY Financial FCU’s call center…”
- With new teammates and an enriched talent pool
“The scale of this merger creates more resources that will be reinvested in our members and communities,” Ginter wrote.
