Pelican State CU Merges with Pinekraft FCU

PINEVILLE, LA – With the unanimous support from both Boards of Directors, Pelican State Credit Union has successfully merged with Pinekraft Federal Credit Union of Pineville, LA. Pinekraft FCU served the employees of Pinekraft Paper Mill, which permanently closed down before the holidays.

Following the merger, Pelican has retained all Pinekraft employees and members. “Our goal was to make sure that service to the members was uninterrupted,” said Jeffrey K. Conrad, Pelican CEO.

“Pinekraft members will now have access to products and services that were not previously available to them, such as debit cards and online banking,” said Conrad.

Pinekraft sought merger proposals from some of the area’s larger credit unions, including Pelican. Pinekraft FCU chose Pelican as its merger partner to maintain a superior level of service and convenience for its members.

Conrad said that both credit unions share similar values and commitments to member service, being an employer of choice and giving back to the communities they serve.

Pinekraft Federal Credit Union had approximately $2 million in assets and more than 300 members.

With more than $171 million in assets and more than 30,000 members, Pelican is the larger of the two credit unions. Originally chartered as the Department of Hospitals Credit Union in 1956, Pelican continues to serve state hospitals, as well as many private companies and the residents of Rapides Parish.

Pelican has successfully merged with Kaiser Federal Credit Union and Chalmette Refinery Credit Union in the past.