The members of Lakelands Federal Credit Union of Greenwood, S.C., have approved a proposal to merge Lakelands FCU with Lawrenceville, Ga.-based Peach State FCU.
The merger has already been approved by the National Credit Union Administration and will take effect April 1.
Marshall Boutwell, president and CEO of Peach State FCU, told Credit Union Journal by email that “all of the current Lakelands employees will remain on staff and will become part of the Peach State team.”
Lakelands FCU was chartered in 1975 to serve the employees of Greenwood Mills Inc. In October 2000, it received a community charter, which allowed the credit union to serve anyone who lives, works, worships or attends school in Greenwood, S.C.
Lakelands FCU currently has about $12.3 million in assets and just under 2,600 members.
“Our decision to merge with Peach State was a strategic action to ensure a strong future for our member-owners and our staff,” Lakelands FCU Chairman of the Board Tommy Cox said in a statement, “With an enhanced suite of products and services, Peach State is better positioned to have a positive impact on the lives of our members and their families.”
Boutwell said that “this is an important time" for his credit union. "Peach State is growing rapidly with a goal of meeting the needs of credit union members throughout the entire Northeast Georgia and Southwestern South Carolina areas. We look forward to welcoming Lakelands to the Peach State family.”
Lakelands FCU posted a net loss of almost $70,000 last year, after recording a net loss of about $41,000 in 2016.
Meanwhile, Peach State delivered net income of $3.1 million in 2017, up from about $2.0 million in the prior year.
Peach State FCU merged with Southeast Federal Credit Union of Cornelia, Ga., late last year.