Orleans News

2 New Orleans area-based credit score unions solidify merger


Hearken to this text

Metairie-based OnPath Federal Credit score Union and Louisiana Federal Credit score Union of LaPlace have introduced approval by its members to merge.

“This collaborative partnership will enable the group to proceed to serve members and stay steadfast of their dedication to monetary well-being and to the communities the mixed group serves,” a information launch reads. “Whereas initially Louisiana FCU will retain its identify and function as a division of OnPath Credit score Union, the mixed group will in the end undertake the OnPath identify, and a brand new model might be launched that may honor and seize the spirit of each credit score unions’ wealthy histories.”

Plans to merge had been introduced in December.

“General, the mixed property will exceed greater than $1 billion {dollars}, serving greater than 89,000 members with 15 branches all through the larger New Orleans space,” the information launch states. “That is the most important credit score union merger that has occurred within the state of Louisiana.”

The businesses imagine that turning into a bigger credit score union will present alternatives to place the brand new credit score union for continued progress. They hope the merger will lead to “with the ability to present much more advantages to members within the type of enhanced product and repair entry and integrating new and strong applied sciences and companies.”

Jared Freeman, president/CEO of the mixed group, mentioned he needed to formally welcome Louisiana FCU members and workers to OnPath.

“By way of this merger, Louisiana FCU members will achieve entry to extra branches conveniently situated within the New Orleans space,” Freeman mentioned. “Moreover, this merger will assist our already sturdy, wholesome credit score unions to be in an excellent higher place to serve our members and future members now and into the long run.”

Rhonda Hotard, president/CEO of Louisiana Federal Credit score Union, mentioned she was excited that their members voted in favor of merging with OnPath.
OnPath Federal Credit score Union rose from the docks of Avondale Shipyards Inc. as ASI Federal Credit score Union in 1961. At present, OnPath FCU operates 10 branches throughout 4 parishes with over 53,000 members.

Louisiana FCU was initially established in 1935 because the Norco Refinery Workers Federal Credit score Union. Presently, Louisiana FCU Credit score Union is a full-service not-for-profit monetary establishment serving greater than 36,000 members in Louisiana.

LEAVE A RESPONSE

Your email address will not be published. Required fields are marked *