TOPEKA, Kan. — Two Kansas credit unions on Monday announced their intention to merge in 2016, which, if approved by all parties, would create one of the largest CUs in the Sunflower State with $450 million in assets, 47,500 members and 10 branches.
The $261million Quest Credit Union and $192 million Educational Credit Union said "after careful consideration," their respective boards of directors "determined that a partnership was mutually beneficial."
Combining the two CUs: "will strengthen the organizations and allow for continued growth," they said in a combined statement. "The world of banking and financial services continues to evolve, and merging will create the infrastructure necessary to meet the increasing needs and demands for enhanced technology and services."
The merger plan will be submitted to credit union regulators for approval in March. The members of both CUs will vote on the merger this spring. The two CUs said they anticipate the merger will be completed in early 2016, "thus allowing sufficient time for implementation."
Vickie Hurt, president and CEO of Quest CU, said, "Convenient branch locations aren't enough anymore. Consumers want convenience delivered straight to them, and that takes electronic services and technology that require size, scale and resources."
Greg Winkler, president and CEO of Educational CU, said, "This is an exciting opportunity for both credit unions."
"Our plan is to build upon the size and strength of both organizations, improving operations while continuing to provide the same great service that our members are accustomed to," said Winkler.
Educational CU has been in operation for more than 75 years. It currently serves more than 22,500 members via six Topeka locations.
Quest CU was chartered in 1956 and now serves more than 25,000 members from seven branches in Topeka, Lenexa and Fort Riley.