Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
First South Financial Dyersburg CUs merge
BARTLETT and DYERSBURG, Tenn. (10/12/11)--Two Tennessee credit unions--First South Financial CU, Bartlett, and Dyersburg (Tenn.) CU--have merged, effective immediately. First South Financial CU is a $385 million asset credit union with 46,877 members. The merger will bring its 15th branch location. Dyersburg CU is a $12 million asset, community based credit union serving 3,300 members in Dyer County. It has one branch and nine employees. Although the merger is effective immediately, both credit unions will continue to operate independently until their information systems can be combined. "We hope to achieve this goal by Nov. 30," South Financial CU President/CEO Craig Esrael said in a letter to members on the credit union's website. The letter attributed the merger to the financial crisis of 2008, which brought the recession, and "sweeping regulatory changes that have dramatically affected several areas of credit union operations. These new rules and regulations have been challenging for all financial institutions to implement, but the burden is even greater on small credit unions, who may not have the time or resources necessary to make these major changes while also conducting normal business." There will be no job cuts from the merger, Esrael told the Memphis Business Journal (Oct. 10). The merger provides an opportunity for the combined credit union to grow, with Dyersburg CU members receiving access to services and products not previously available and with First South Financial benefitting from an expanded membership base, he said.


RSS





print
News Now LiveWire
What role are #creditunions playing in @gatesfoundation's 2030 vision of financial services? Read #NewsNow Monday
1 day ago
Consumers fear inaccurate info lingers on credit reports, says @FTC study Read @CUNA's News Now: http://t.co/RzNLMnaROO
1 day ago
@PCUA has formed a @LinkedIn networking group for former bankers turned #creditunion employees.
1 day ago
.@politico reports Democrats haven't picked the city yet, but their 2016 convention will be held the week of July 25.
1 day ago
.@cuna, @DCUC_HQ urge @CFPB to exempt #CUs from changes to Military Lending Act rules cuz CUs aren't part of the targeted problem. NN Monday
1 hour ago