United Federal Credit Union in Saint Joseph, Mich., has agreed to buy a branch in Arkansas from Truity Credit Union in Bartlesville, Okla.
The $945 million-asset Truity said in a news release Wednesday that United took over the Springdale, Ark., branch operations on Monday. It retained all of the branch's employees.
Truity said the $3.3 billion-asset United’s reputation for member service, employee engagement and commitment to expand in northwest Arkansas made it a viable partner.
“We wanted to find a partner that we trusted and felt comfortable with to continue our relationship-based service in Springdale,” Dennis Halpin, Trinity's president and CEO, said in the release.
“The team at United checks all the boxes," Halpin added. "Not only do they live the credit union philosophy of ‘people helping people,’ they have a proven record of growth and involvement in the communities they serve. We feel confident that our members and employees will thrive under United’s leadership.”
The Springdale branch is Truity's only one in Arkansas. The credit union said that after it evaluated how it was serving northwest Arkansas, it determined it needed to find a buyer that "could better serve our members in that location."
A Truity spokesman said there are no other markets the credit union is looking to exit.
United has had a presence in the Fort Smith/Van Buren area for decades and began expanding into northwestern Arkansas in 2015, according to the release. United most recently opened branches in the Arkansas markets of Springdale and Rogers in 2019.
“We are extremely excited to welcome new teammates and members to United’s Arkansas family,” Stephanie Riffle, United’s market vice president in Arkansas, said in the release. “Our growth in northwest Arkansas is due to the fact that we are so inspired by the energy and progress being made in our community every day.”
Truity earned $8.2 million in 2020, compared with nearly $5 million a year earlier, according to its call report. United earned $24.6 million last year after earning $28.5 million in 2019.
