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ABOUT COMMUNITYAMERICA
Press Releases Archive
CommunityAmerica and Midwest United Credit Unions Merge
Credit union combination to provide easier, more convenient access to members
Lenexa, KS ( 11/01/2007) -- CommunityAmerica and Midwest United credit unions have merged, leaders of both credit unions announced today.
"By joining forces, we provide additional convenience to members of both institutions and allow our combined credit union to improve its financial strength while growing efficiently," said Dennis Pierce, CommunityAmerica's chief executive officer. "We have long admired Midwest United's record of service excellence to members and see this merger as a natural fit due to the shared culture of our credit union families."
Pat Yokley, formerly president of Midwest United who today joins the CommunityAmerica executive team, said, "Members of both credit unions throughout the Kansas City area will soon have easier access to financial services at 24 area branches, and Midwest United members will enjoy expanded services such as a full suite of small-business products and services and a surcharge-free network of 25,000 ATMs nationwide."
The two credit unions have similar heritage in having been founded by members of the workforces of major Kansas City area employers. CommunityAmerica was founded in 1940 as TWA Club Credit Union. Midwest United was founded in 1945 by employees of the Ford Motor Co. Claycomo plant.
"We and our members historically and to this day have much in common, so this merger makes sense for all," Pierce said.
CommunityAmerica operates 19 branches in the Northland, Johnson County, and eastern Jackson County, while Midwest United's five branches serve the Northland, eastern Jackson County and south Kansas City. The merger provides broader geographical balance for the combined credit union.
CommunityAmerica Credit Union has approximately 139,000 members, 375 employees and, as of Dec. 31, 2006, more than $1.5 billion in assets. Midwest United has 31,000 members, 90 employees and, as of Dec. 31, 2006, $167 million in assets. Because of overlapping memberships, the merged entity has approximately 168,000 members.
Pierce will be CEO of the combined credit union. Employees of both credit unions will be assimilated into the combined entity with benefit and compensation packages comparable to those that each employee received before the merger.
Midwest United members voted overwhelmingly to approve the merger in mid-August and the merger received final regulatory approval in late October. The merged financial institution will be known as CommunityAmerica Credit Union.
About CommunityAmerica Credit Union
With completion of the merger, CommunityAmerica Credit Union has approximately 168,000 members, 465 employees and nearly $1.7 billion in assets, and ranks among the top 10 Kansas City-based financial institutions based on deposits. The credit union provides a full suite of financial products, including checking, savings, loans and money market accounts.
As a not-for-profit, member-owned financial institution, CommunityAmerica can offer highly competitive rates on deposits, loans and investments. Other products and services provided by CommunityAmerica include 24-hour online banking and 24-hour telephone banking, Visa credit cards, insurance and financial planning products. Web site: www.cacu.com
Note to editors: For more information about CommunityAmerica Credit Union, contact Stephanie Sharp, Public Relations Officer, 913-905-8191, or e-mail mediarelations@cacu.com.
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