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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.


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