CHALMETTE, La. (4/5/12)--A branch acquired to help credit union members in the wake of Hurricane Katrina is being transferred from $191 million asset Pelican State CU to $92 million asset Eagle FCU as of April 17. Both credit unions are based in Baton Rouge, La.
Pelican State CU acquired the branch in Chalmette, La., through a merger with Chalmette Refinery CU, which was in danger of closing after Hurricane Katrina.
In a Pelican State CU release, CEO Jeffrey K. Conrad noted that while Chalmette Refinery CU's members needed a helping hand, Pelican State's strategic plan did not call for growth in the greater New Orleans area.
The release noted the branch is being transferred to Eagle FCU because Chalmette members can benefit from a credit union with a larger presence in the community and plans for growth in that area.
Conrad noted the branch and accounts will not be sold for a profit, but transferred in an "even exchange." Eagle FCU intends to retain all Pelican employees and members.
Eagle FCU CEO Ginger Manint said the transfer demonstrates both the cooperative spirit of credit unions and decision-making that is in the best interest of members.