CU Mergers In Minn., San Diego; Ukrainian CUs Merge

A number of large credit unions have announced mergers in the past week, including:

* Twin City Co-ops FCU, St. Paul, Minn., and Pioneer Plus FCU have announced plans to enter into a voluntary merger. Twin City Co-ops, which brings $320 million in assets, will be the surviving name for the CU that will have $361-million in assets and a dozen branches when the merger is complete. There will be no layoffs. Marilyn Johnson, president of Pioneer Plus and who will retire with the merger's completion, cited the expanded product offerings and more competitive rates that can be offered as motivation for the merger. Two PPFCU board members will join the TCU board for one year.

* In San Diego, Santel FCU and Kearny Mesa Financial Credit Union here have agreed to merge. Kearny Mesa's 15,000 members will be added to Santel's 45,000 to create a $500-million credit union that will be the fourth largest in San Diego. When the merger is completed, the CU will have 19 branches. Marla Shepard, CEO of Santel, will remain CEO of the merged organization, while Jim Goulet, president of KMFCU, will become president of the CUSO. The credit unions said none of the 191 employees will lose their jobs as a result.

* Selfreliance UA Federal Credit Union, Newark, N.J., will merge into Selfreliance Ukrainian FCU, Chicago, creating a $360-million credit union serving 19,000 members. Selfreliance UA FCU President Ihor Laszok, who will become executive VP or the merged entity, said his credit union opted for the merger to boost product offerings, including two VISA Platinum cards, zero-point residential and commercial mortgages, zero-balance interest-bearing share draft accounts, debit cards, business loans, home equity loans, and more. Selfreliance Ukrainian FCU CEO Bohdan Watral will be president of the merged credit union.