Credit Unions Merge to Achieve Economies of Scale
Perry Point FCU Merges with the Central Credit Union of Maryland
Sandy, Utah (May 1, 2017) — Perry Point FCU held a vote on January 25, 2017, and a merger with the Central Credit Union of Maryland (CCUMD) was unanimously approved. The two credit unions have been partners with core data processor, FLEX, for a combined 41 years. “This is a unique opportunity to continue to serve the members and staff of both Perry Point FCU and Central Credit Union of Maryland” detailed Sean Holcomb, Chief Operations Officer for FLEX. “The success of our credit union clients is directly related to our success as a credit union software provider. We strive to ensure our credit unions have the technology their members demand” continued Holcomb.
Despite reducing operating costs by 8% since 2008, seeking a merger partner was the right decision for Perry Point FCU. The merger allows the Perry Point FCU staff to continue with a core platform that they know and will continue to provide their members with significant technology efficiencies. Including mobile banking, remote deposit capture, bill pay and online loan apps. The credit union set out to achieve economies of scale by merging with CCUMD in order to provide more services and locations to their members.
CCUMD brings tremendous value to the merger as the surviving credit union because they share the same values, serve a similar field of membership, are similar in size and have maintained profitability. The management team at CCUMD, led by CEO Lisa Jester will be an asset to both the staff and membership of Perry Point FCU. The use of the same credit union core system is also an advantage and will ease employee training through the merger transition. Ultimately, the merger will be in the best interest of both credit union’s and their collective members. The merger will take CCUMD to $42 million in assets and 7,860 members.
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