Southwestern Telco Federal Credit Union members approved a merger with Blue Eagle Credit Union earlier this week, SW Telco announced in a press release Wednesday.
The merger will be completed at the beginning of September, according to the press release. With the merger, Blue Eagle Credit Union will add approximately 1,400 new members, another office location, an additional drive‐up, and another ATM.
Below is the press release from SW Telco.
On Monday, July 29, 2013 members of Southwestern Telco Federal Credit Union (SW Telco FCU) held a special meeting to consider a merger proposition presented by their Board of Directors. At this meeting the SW Telco FCU membership voted in favor of merging into Blue Eagle Credit Union. SW Telco FCU is a small Roanoke credit union facing the mounting challenges of remaining competitive in today’s financial marketplace. After much consideration, the SW Telco FCU Board of Directors felt it was in the best interest of their membership to seek a merger partner who could provide both the breadth of financial services demanded in the marketplace, as well as the personal financial relationship they currently enjoy as a small credit union. They decided Blue Eagle Credit Union was a perfect fit.
Becky Crosswhite, SW Telco FCU Board of Directors President, comments “SW Telco FCU has served members for 45 years. This was the toughest decision our Board has made, but we felt that it was the right decision for our members. We love our members and want to see them prosper. We want them to have the very best financial tools available, and we found it increasingly challenging to provide competitive services in today’s highly competitive financial market.”
Crosswhite further comments, “After considering several potential merger partners, we felt Blue Eagle Credit Union matched what we were looking for in a continuing credit union for our members. It was important to us that a merger partner offer a full range of services, and still be able to treat our members like family – a real person, not a number. Blue Eagle Credit Union really aligned well with our desired service culture.”
“I’m always saddened when a small credit union closes its doors. It’s almost impossible for small credit unions to survive these days when they have to do everything larger credit unions do with a fraction of the resources. We’re honored the SW Telco FCU members chose Blue Eagle Credit Union and trust us to serve their financial needs. We’re looking forward to getting to know our newest credit union family members,” adds Blue Eagle Credit Union CEO Jeff Thompson.
The merger is scheduled to be complete Labor Day weekend and SW Telco FCU will officially be a part of Blue Eagle Credit Union when they open on Tuesday, September 3, 2013. With the merger, Blue Eagle Credit Union will add approximately 1,400 new members, another office location, an additional drive‐up, and another ATM.
Serving the greater Roanoke and Lynchburg areas, Blue Eagle Credit Union is a community chartered credit union with roots dating back to 1948. With a Vision of Enriching Lives and a Mission of Delivering Solutions, Blue Eagle Credit Union is committed to building relationships with members that last a lifetime and generations beyond. Blue Eagle Credit Union is a member owned, full service, financial cooperative with more than $115 million in assets, as well as two office locations in Roanoke, VA; one office location in Lynchburg, VA; four full service ATMs of their own; a network of surcharge‐free ATMs nationwide; and a variety of electronic delivery channels for member service.