Two credit unions to merge into Georgia's Own
Two small credit unions have agreed to merge into Atlanta-based Georgia’s Own Credit Union.
The $11 million-asset Three Rivers Credit Union in Bainbridge, Ga., and the $204 million-asset DOCO Credit Union in Albany, Ga., will operate independently after the mergers are completed, said Adam Marlowe, principal experience officer for Georgia’s Own.
Thomas Joyce, CEO of Three Rivers, intends to retire soon, but Barry Heate, president and CEO of DOCO CU, will become a regional president, based in Albany, and will make decisions for that market, including overseeing Three Rivers.
“The two credit unions will make local decisions while operating as a division of our credit union,” Marlowe said. “Eventually, they will become part of Georgia’s Own.”
Through the mergers, the $2.4 billion-asset Georgia’s Own will gain access to parts of southwest sections of the Peach State where it does not currently have a presence. Three Rivers has one branch in Bainbridge, while DOCO, which started as a teachers CU before eventually transitioning to a community charter, now has a network of nine branches.
Members of DOCO Credit Union are scheduled to vote on the proposed merger later this month, while the membership vote for Three Rivers CU will be set soon. Marlowe said the intent is to finalize the legal aspects of the mergers by the end of 2019, with integration of the two institutions expected to be complete in the second quarter of 2020. No layoffs are planned, he said.
Georgia’s Own CU has done approximately 10 traditional mergers in recent years, but Marlowe said this is the first time it has attempted a “partnership” model.
“We are very excited. It is like two families are coming together, and we are happy to bring those families into our organization,” he added. “We know there are many credit union mergers, and we hope this concept will catch on.”
In its most recent call report, Georgia’s Own Credit Union earned $16.6 million for the first nine months of this year, up 25% for the same period in 2018. As of Sept. 30, it was well capitalized with a net worth ratio of 11.36%.
DOCO Credit Union earned $977,592 in the first three quarters of this year, down 1% from the same period the previous year. It was well capitalized with a net worth ratio of 12.82%.
Three Rivers lost $26,297 in the first nine months of 2019, compared to earning $44,870 during the first three quarters of 2018. As of Sept. 30, it was well capitalized with net worth ratio of 13.99%.