Louisiana residents should be interested to know that after seeking viable merger candidates, Louisiana Farm Bureau Credit Union has officially merged with Pelican State Credit Union. Both firms are based in Baton Rouge.
News of the merger surfaced when officials at Louisiana Farm Bureau Credit Union announced the completed merger with Pelican State Credit Union firm. Officials at the firm announced that they had been seeking merger proposals from some the area’s larger firms in order to expand and therefore better serve their clients.
After examining all the potential candidates they eventually selected Pelican State Credit Union as their merger candidate of choice mainly due to their family-like atmosphere. At a press release they also highlighted Pelican State Credit Union’s customer service-oriented business model and noted how the credit union will go above and beyond what is necessary to offer the best service possible to all of their customers, claiming that as the main reason for choosing the firm as their merger partner.
The specific financial and business law details of the merger were not made available but what is known is that as a result of the merger Louisiana Farm Bureau Credit Union cease operating under its own name but will instead start operating under the Pelican brand.
In many instances, mergers are made to improve products or services, and this one appears to be no exception. The merger is expected to enhance the services Louisiana Farm Bureau Credit Union will be able to offer its clientele because it has no physical branch location even though it has serviced Louisiana Farm Bureau Insurance employees since 1971. Louisiana Farm Bureau Credit Union members will now have access to 11 full-service locations. They will also gain the convenience of access to an ATM in Pelican Farm Bureau’s main headquarters, not to mention for the first time being offered amenities that include checking accounts, free credit counseling and the convenience of online banking.
Prior to the merger Louisiana Farm Bureau reportedly served over 500 members and had assets that equaled about $4.7 million, while Pelican served in excess of 37,500 members and managed assets around $232 million.
Source: Greater Baton Rouge Business Report, “Two BR credit unions merge,” September 3, 2014