Two credit unions serving Methodist congregations and their parishioners are set to join forces, with the continuing institution operating under a new name.
Members of United Methodist First Choice Federal Credit Union are expected to vote in September on whether to merge into United Methodist FCU. The latter has headquarters in Montclair, Calif., but has branches in Arizona, Maine and Missouri. The addition of United Methodist First Choice would add a South Dakota presence to that list.
“Much like the future of the church and the economy of our country, we are stronger working together than apart,” First Choice President John E. McKnight said in a letter to members announcing the merger, adding that the deal will help realize efficiencies and provide benefits for members, including additional products and services and better technology.
United Methodist FCU has also announced its plans to rebrand as Interfaith Federal Credit Union. However, a post on the credit union’s Facebook page doesn't say when the new name takes effect, meaning it could take place before or after the First Choice merger.
“This new name was selected to better represent the diversity of current members,” the credit union said. “We believe this new name will support our goal of continued growth as we provide affordable financial services to our entire membership and other eligible members.”
United Methodist, which is listed as Interfaith on the National Credit Union Administration’s website, holds about $90 million in assets and serves more than 5,200 members. It earned nearly $117,000 during the first quarter of this year, similar to the roughly $125,000 it earned in the first quarter of 2019.
United Methodist First Choice FCU has just under $5 million in assets and serves about 950 members. Call report data shows earnings of $3,286 during the first quarter, up from the $865 it earned during the same period last year.
