West Community Credit Union of O’Fallon, Mo., has completed its merger with APEX Financial Credit Union of Florissant, Mo.
As a result of the merger, the surviving entity, West Community CU, now has $225 million in assets, about 24,000 members and seven branch locations, as well as a mortgage division.
“The merger will benefit members of both credit unions,” Jason Peach, president and CEO of West Community CU, said in a statement. “The financial strength of West Community will offer added convenience and additional products and services, while West Community members have access to additional locations.”
West Community CU posted net income of about $1.3 million in 2016, up from about $1 million in the prior year. Meanwhile, APEX Financial has posted losses of about $434,000 and $375,000, respectively, over the past two years.
“The timing of the merger was a great opportunity and our commitment to serving our members and building community relationships is our top priority," Peach added.
Lori Hudson, community outreach specialist at West Community CU said by email that “We have retained all APEX employees to work at the former APEX location in Florissant, now under the West Community Credit Union name.”