GAINESVILLE, Fla.–Two more mergers have been completed following member votes.
North-Carolina-based Self-Help Credit Union continues to expand its presence across the country, moving into Central Florida with a merger with the $59-million Alliance Credit Union in Gainesville, after it was placed in conservatorship in November 2024 by NCUA.
ACU’s FOM includes anyone living or working in Alachua, Bradford, Gilchrist, Levy or Union County counties, along with other employee groups and their family members.
The credit union has more than 5,300 members and two branches.
‘Long History’
“We are excited to welcome the 5,000-plus members of Alliance to Self-Help,” said Randy Chambers, president of the $1.86-billion Self-Help Credit Union, said in a statement. “We have a long history of serving municipal employees and community residents, including in nearby Jacksonville. We are committed to continuing Alliance’s 81-year history of service, by giving back to members with low fees and strong rates on deposits and loans.”
NSF Fees Eliminated
Self-Help Credit Union will said it will eliminate all overdraft and NSF fees at Alliance.
In addition to the eight branches it has in Florida, Self-Help also has a branch in Georgia, 24 in North Carolina, four in South Carolina and one in Virginia.
Merger OK’d in Minnesota
Meanwhile, as the CU Daily was first to report here in late May, members of City and County EFCU in Albert Lea, Minn. have voted in favor of merging into Affinity Plus FCU in St. Paul.
The $27.4-millionj CU, which has approximately 1,700 members, said it can’t afford technology, training and more, in citing reasons it needs to merge.
The $4.5-billion Affinity Plus has more than 280,000 members.
What Members Were Told
Ahead of the vote, City and County’s board told members in their mandated disclosure forms filed with NCUA, “As the digital age has continued to evolve, new demands of our industry have presented themselves. These demands require significant investments in technologies, training, and leadership to be able to effectively address them. The board of directors feels that Affinity Plus FCU is able to address these challenges while continuing the mission of serving our members.”
Benefits Cited
It cited as the benefits of the merger:
- Expanded products and services
- An extensive cybersecurity program with expanded fraud protections to protect your personal information.
- A network of 33 additional branches across the state as well as a commitment to bringing a new updated branch to the Albert Lea community.
- More free ATMs
- A focus on the local community to include retaining the five employees currently working in the branch.
Merger-Related Financial Compensation
The credit union said merger-related compensation will be paid, including:
- Brady Jones, manager of CCEFCU for more than 20 years, who will transfer to a branch manager role at Affinity Plus FCU. Jones will be able to exercise a cash payout of his currently accrued sick time not to exceed $19,920, and will be paid the 10% retention bonus offered to all employees that is not exceed $8,633.
- Two other employees are also being offered pay increases when joining Affinity Plus, along with the retention bonus.
Financial Performance
City and County EFCU had $16,631 in net income as of March 31, with net worth of 9.97%. Affinity Plus had $4.24 million in net income and net worth of 8.38% as of the same day.
Affinity Plus said it will regain the five CCEFCU employees.
‘Excited’ About Merger
“We’re honored to welcome the members and employees of the City & County Employees Federal Credit Union of Albert Lea to Affinity Plus’s growing statewide network,” Dave Larson, president and CEO of Affinity Plus, said in a statement following the member vote. “This merger not only expands our reach but deepens our commitment to delivering the personal, member-focused service that sets us apart. We’re excited about the Albert Lea community and look forward to building strong relationships by supporting local efforts, contributing to growth and being there for our members every step of the way.”
