On July 23, members of Towns-Union Educators' Federal Credit Union, a $2.6 million-asset institution based in Young Harris, Ga., voted to merge with Peach State Federal Credit Union.
“Our decision to merge with Peach State was a strategic action to ensure a strong future for our credit union and our member-owners,” Jennifer Marshall, CEO and manager for Towns-Union, 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.”
Originally chartered to serve the needs of employees in local school and government systems, Towns-Union will join the $474 million-asset Peach State in serving more than 57,000 members across Georgia and South Carolina.
During the first quarter of 2018, Towns-Union Educators’ swept in $8,338 in net income and held a net worth ratio of 8.37.
Having already been approved by the National Credit Union Administration, the merger will become effective on Aug. 1.
“This is an important time for our credit union,” Peach State President and CEO Marshall Boutwell said in a statement. “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 region. We look forward to welcoming Towns-Union and their members to the Peach State family.”
The merger with Towns-Union is the latest in a slew of growth moves for Peach State, which has gone through five mergers in the last three years, while also recently acquiring an additional branch location after another credit union elected to leave a particular market.