Stephens-Franklin Teachers Federal Credit Union in Toccoa, Ga., will merge with Peach State Federal Credit Union in Lawrenceville, Ga.
Members of Stephens-Franklin Teachers approved the merger on Monday, and the deal should be completed on Thursday, Peach State said. It has already been approved by the National Credit Union Administration. This will be
Peach State, based in Lawrenceville, Ga., has $484 million in assets and serves over 58,000 members across Georgia and South Carolina.
“Our strategic growth throughout the region is helping to create a stronger network of financial services for people who may not have had access to them in the past,” Marshall Boutwell, Peach State’s CEO, said in a statement.
Established in 1960, Stephens-Franklin Teachers serves employees of the Stephens County School System, Franklin County School System and Toccoa Falls College.
The $20 million-asset institution had lost $6,700 through the first six months of the year, according to its call report dated June 30. It earned roughly $35,000 for the same period a year before.
“Merging with Peach State allows us to offer our members an enhanced suite of products and services,” Letha Stowe, president and CEO of Stephens-Franklin, said in a statement on Tuesday. “They were also founded by educators more than 50 years ago and we’re proud to become part of that continued commitment to honoring that foundation through their support of educators and school systems.”
