Pelican State CU Merges with Louisiana Farm Bureau CU
BATON ROUGE, LOUISIANA – Pelican State Credit Union merged with Louisiana Farm Bureau Credit Union on Monday, September 1, 2014.
With no physical branch location, Farm Bureau CU provided savings and lending options to the employees of Louisiana Farm Bureau Insurance since 1971.
"The merger gives Farm Bureau members access to 11 full-service locations, an ATM in Farm Bureau's main headquarters and an array of products and services not previously available including checking accounts, free credit counseling and online banking," said Jeffrey K. Conrad, Pelican CEO.
Following the merger, Pelican team members will be on site at Farm Bureau's headquarters in Baton Rouge for one week to answer questions assist its new members with enrolling in new products and services. During this time, employees will not have to leave work to open accounts, apply for loans, speak with a credit counselor or set up mobile banking!
Farm Bureau CU sought merger proposals from some of the area's larger credit unions. Pelican was selected because of its family-like atmosphere and the distance it goes to help its members.
Conrad said that both Farm Bureau and Pelican share similar values and work cultures. "We both strive to invest in our members and employees in order to provide products and services above national standards," explained Conrad.
Additionally, Pelican's 11 locations are spread across the state of Louisiana, giving Farm Bureau employees in Shreveport, Monroe, Alexandria, Pineville, Lake Charles, Opelousas, Zachary, Jackson, Baton Rouge and Denham Springs a physical branch location to visit.
Farm Bureau CU had approximately $4.7 million in assets and 540 members. With more than $232 million in assets and over 37,500 members before the merger, 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 Lake Charles TELCO Credit Union, Pinekraft Federal Credit Union, Kaiser Federal Credit Union and Chalmette Refinery Credit Union in the past.