Pelican State CU Completes Two Mergers in 31 Days
BATON ROUGE, LOUISIANA – Pelican State Credit Union ($313 million in assets) merged with St. Landry Federal Credit Union ($5.2 million) and St. Jules Credit Union ($10.2 million) on November 1 and December 1, 2017, respectfully.
St. Landry FCU, established in 1962 in Opelousas, Louisiana, sought mergers from larger credit unions with a presence in its area in order to provide enhanced products and outreach to its 3,665 members. The credit union chose Pelican State CU due to its current presence in Opelousas and its long-time commitment to serving the underserved.
St. Jules CU in Lafayette, Louisiana, interviewed several credit unions in order to find the right merger partner to continue serving its 2,627 members. The credit union, established in 1968, selected Pelican State CU because of its commitment to providing financial education in schools and its ability to maintain strong relationships with members and businesses in Lafayette without previously having a physical branch in the area.
“Our team is honored to welcome the members and employees of both credit unions and their Select Employer Group partners into the Pelican State CU family. We are excited to continue to serve the Opelousas and Lafayette areas on an even deeper level and plan to continue to invest in both communities,” said Pelican State CU CEO Jeffrey K. Conrad.
St. Jules CU’s branch will remain open as Pelican State CU and will continue serving all members in the area. Additionally, Pelican State CU has plans to open a second branch in Opelousas next year.
The Select Employer Group-based credit union has successfully merged with three credit unions in 2017 including East Feliciana Teachers Federal Credit Union. Overall, Pelican State CU has completed 10 mergers with credit unions across the state of Louisiana including Monroe Credit Union, Louisiana Farm Bureau Credit Union and Lake Charles TELCO Credit Union.
A Select Employer Group is a company or association that has partnered with the credit union to offer membership eligibility to its employees at no cost to the company. Pelican State CU currently provides innovative products and services and free financial education to nearly 250 Select Employer Groups.