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News Now

CU System
Kansas CUs merge, five more apply in Calif, Mass
MADISON, Wis. (1/14/13)--Two Kansas credit unions have completed a merger, and five mergers in California and Massachusetts are in the works.

Mainstreet CU, with $325 million in assets, Lenexa, Kan., merged with $1.9 million Bonner Springs (Kan.) FCU.  By combining, the credit unions' members will be served by 10 branch locations.

The official merger date was Oct. 31. On Jan. 1, members of Bonner Springs FCU gained full access to Mainstreet CU's branches, products and services. They now have access to online bill payment, investment planning, a broader local ATM network, and nearly 30,000 ATMs nationwide.

Mergers in the works in other states include:

  • Alliance CU, with $359 million in assets, San Jose, Calif. has plans to merge with $11 million Electric FCU, also of San Jose (California Department of Financial Institutions Monthly Bulletin Jan. 11).
  • San Francisco Fire CU, with $800 million in assets, hopes to merge with $12 million Bay Media FCU, also of San Francisco.
  • Valley First CU, with $413 million in assets, Modesto, Calif., requested approval to merge with $72 million State Center CU, Fresno, Calif.
  • Metro CU, with $1.1 billion assets, Chelsea, Mass., plans to merge with merge with $1.7 million Fenwal CU, Ashland, according to the Massachusetts Division of Banks (DOB).
  • Premiere Source CU, with $39 million in assets, East Longmeadow, Mass., seeks approval to merge with $30 million Wemelco CU, Springfield, Mass., DOB said.


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