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Rome, Georgia, September 14, 2017 – Coosa Valley Credit Union and North Georgia Community Federal Credit Union announce that their merger has received regulatory approval as well as approval by a majority vote of the North Georgia membership. The merger will become effective October 1, 2017, with system integration planned for May, 2018.
Under the merger agreement, Coosa Valley Credit Union will be the continuing credit union with total combined assets of $335 million and 42,000 members. Coosa Valley Chief Executive Officer Andy F. Harris will remain CEO of the combined organization on the effective date of the merger.
This merger will bring greater value to the credit unions’ collective members, employees and communities. Joining forces expands both credit unions' Georgia footprint, brings measureable economies of scale, and provides long-term growth opportunities.
Andy F. Harris, CEO of Coosa Valley Credit Union, commented, "Our Board of Directors and Executive Team are continually looking for new ways to enhance member benefits, better serve the community, and ensure we continue to thrive well into the future. Joining forces with North Georgia Community Federal Credit Union will immediately expand our geographic presence and allow both credit unions to realize the significant efficiencies of a larger organization. Together, we will have the resources to make the right long-term infrastructure and technology investments and deliver more for our members. With our shared North Georgia roots, values and a commitment to serve our local communities, we will be able to offer the best possible service, products, pricing and convenience to our collective members. We have great respect for the North Georgia Community Federal Credit Union board, leadership and staff, and look forward to combining the best of each organization's strengths to grow and bring all our members an extraordinary banking experience."
About North Georgia Community Federal Credit Union
Catoosa Teachers Federal Credit Union was chartered in 1958 to serve persons working for the Catoosa county Board of Education. For over 56 years, the credit union has served the educators of Catoosa County. Mountain Community FCU was originally chartered in 1955 and later changed from a hospital based membership to a community charter in 2007 to serve Catoosa County, Georgia. Catoosa Teachers Federal Credit Union merged with Mountain Community Federal Credit Union in March 2015. The merged credit union formed North Georgia Community Federal Credit Union.
About Coosa Valley Credit Union
With more than $300 million in assets, Coosa Valley Credit Union is among the top 12 largest credit unions in Georgia. It has more than 30,000 members and nearly 100 employees. Founded in 1954 as the General Electric Employees of Rome Federal Credit Union, Coosa Valley Credit Union now provides superior financial services to families, individuals and businesses from all industries in Bartow, Catoosa, Chattooga, Cherokee, Cobb, Dade, Floyd, Gordon, Haralson, Paulding, Polk, Walker and Whitfield counties. Learn more about CVCU at www.mycvcu.org.