Arkansas Federal Credit Union has completed its merger with Arkansas Democrat-Gazette Federal Credit Union. Regulators have approved the merger, with members of the Arkansas Democrat-Gazette Federal Credit Union voting in favor on Dec. 10, 2019.
On October 23, 2019, the boards of both credit unions announced an agreement to merge
In a statement, Arkansas Democrat-Gazette FCU Chairman Kathi Wieneke said that a merger would allow the credit union to enjoy the benefits that Arkansas Federal Credit Union could provide, including serving as a “one-stop shop” for any financial needs.
“Arkansas Federal Credit Union is a respected and financially sound financial institution. We believe the commitment the organization has shown to its employees, members and the communities it serves in Arkansas will be positive for our members,”she said. “Once approved, our members will be able to enjoy a one-stop shop for all of their financial needs combined with local, knowledgeable and friendly staff plus the convenient digital management tools such as mobile banking consumers expect. We look forward to working with the team at Arkansas Federal to make this a successful and seamless transition for everyone involved.”
AFCU CEO Rodney Showar says the merger will allow AFCU to impact a greater number of Arkansans. AFCU serves approximately 108,000 individuals, while the Arkansas Democrat-Gazette FCU had more than 670 members.
“With the completion of this merger, Arkansas Federal is now able to make a difference to more Arkansans than ever before” Showmar said in a statement. “We’re proud that our new members can enjoy the added convenience of 15 branch locations, online and mobile banking solutions, insurance, retirement and investment services, as well as a full suite of financial products and services that other Arkansas Federal members have come to expect from their credit union.”
AFCU reported more than $1.2 billion in total assets, and Arkansas Democrat-Gazette reported $2.8 million in assets.