Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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
.@TheNCUA approves modified stress test rule. Read #NewsNow here: http://t.co/RSZh59Ukkj
17 minutes ago
NCUA Ch. Matz said the FOM proposal is the result of enforcement actions taken where CUs advertised open FOMs.
1 hours ago
.@TheNCUA wants to know if there are other categories that should get automatic approval, staff says.
1 hours ago
Alumni,homeowner assoc,labor unions, electric coops,scouting & church groups,assn. to further culture of nt'l or ethnic group are auto OKed.
1 hours ago
Corporate separateness also would be required under FOM proposal. Separate physical location from FCU too.
1 hours ago