LAWRENCEVILLE, Ga. — Peach State FCU here has merged with Richmond Community FCU, an $18 million-asset credit union based in Augusta, Ga., effective Wednesday.
The merger was approved by Richmond Community's members during a June 24 meeting and later approved by NCUA. All Richmond Community members became Peach State members on July 1.
"By combining our resources, we will be able to provide Richmond Community's members with an enhanced selection of products and services," Peach State President and CEO Marshall Boutwell said in a statement. "Our goal is to help all of our members continue to build a financially strong and prosperous future."
Grace Helms, former Richmond Community president and CEO called the merger "an excellent growth opportunity for our credit union and our members."
Richmond Community lost more than $21,000 during the first quarter of 2015, following a loss of nearly $29,500 for 2014. In 2013 its net income was less than $18,000. According to its most recent Call Report, the credit union has just $6.2 million in loans on the books, largely divided among credit cards, auto lending and mortgages.
For its part, Peach State will gain about 3,000 members as a result of the merger. The $244 million asset credit union made a name for itself recently when it protested a Twitter policy that made it more difficult for credit unions and other financial institutions to promote themselves on the social network. Twitter subsequently modified that policy.