JAMESTOWN, N.D. (NewsDakota.com) – First Community Credit Union and Devils Lake, N.D.-based Citizens Community Credit Union have entered into a conclusive agreement to merge. FCCU is the largest credit union in North Dakota and, after the merger is finalized, will have assets of approximately $800 million.
The combined credit unions will be headquartered in Jamestown, N.D. and operate under the First Community Credit Union name. This merger will result in a wider range of products, services, and locations available to members of both institutions while preserving the friendly, quality service of a locally owned, strong and secure community credit union.
“It is rare to find two credit unions whose culture, business approach and member origins align as well as First Community and Citizens,” said Steve Schmitz, President and CEO for First Community Credit Union. “We look forward to working with the Citizens team to continue our shared history of exceeding the needs of our commercial and consumer members. By increasing our size, we expect to be able to take advantage of efficiencies and offer new products and services for the benefit of our members and employees.”
“Citizens Community Credit Union has a proud tradition of serving its local communities and the region as a member-owned credit union,” added Jay Chapin, CEO for Citizens Community Credit Union. “After meeting Steve and members of his team at First Community, we soon realized how much our credit unions have in common and that together, we could continue our respective community credit union traditions while capitalizing on the benefits that come with being a larger credit union.”
Steve Schmitz will serve as President and Chief Executive Officer of the combined credit unions. The transaction is expected to close January 1, 2018 with an operational merger later in 2018.
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