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
Members reject merger of two Louisiana CUs
DENHAM SPRINGS, La. and METAIRIE, La. (1/20/12)--Members of the $96 million asset Main Street Financial FCU, Denham Springs, La., voted Tuesday to reject a merger with $260 million asset Jefferson Financial CU, Metairie, La.

Some Main Street Financial FCU members may have had concerns about possible branch closings, Mark Rosa, president/CEO of Jefferson Financial CU told News Now.

Among the reasons Main Street Financial contacted Jefferson Financial, located in a New Orleans suburb, as a potential merger partner was because other Baton Rouge-area credit unions would present a geographical overlap of service coverage, Rosa said.

He added that Jefferson Financial FCU had offered its assurances that existing Main Street Financial branches would remain open. "We absolutely would need that infrastructure," Rosa said. "We need coverage in that area."

Main Street Financial FCU also was "bruised" by the recession, Rosa said.

About 10% of the Main Street Financial FCU membership voted on the merger, Rosa said. He estimated that two-thirds were "no" votes.

Rosa said he still remains open to a merger. The Jefferson Financial board would discuss the matter at a meeting yesterday, he said.

He suggested that Main Street Financial FCU members would be more open to the merger if they were provided with more information.

"I think we need more of a town hall-type meeting, where we can all sit down and people can ask questions and we can provide them with all the information they need," Rosa said.


RSS





print
News Now LiveWire
#Georgia credit union parity bill awaits signature from @NathanDeal http://t.co/zbS4IZsOp6
18 minutes ago
IRS @IRSnews to offer April 8 webinar on UBIT #NewsNow http://t.co/hZIHF5RbH4
30 minutes ago
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
15 hours ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
20 hours ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
20 hours ago