Each quarter, our member newsletter features a message from our President and CEO, Marshall Boutwell about happenings at Peach State.
Dear Credit Union Member:
The Board of Directors of Richmond Community Federal Credit Union based in Augusta has selected Peach State as their merger partner of choice, pending a vote of their membership. We anticipate their members will affirm the Board’s recommendation and vote to approve the merger, which would then take effect July 1, 2015. Once complete, Peach State would welcome an additional 3,000 members along with all current Richmond Community employees to our team, while gaining an additional $20 million in assets.
We believe we are an ideal merger partner for Richmond Community because their core values are virtually identical to ours. Both institutions support the credit union mission of providing financial service options to those that otherwise might not be able to access such programs.
This merger epitomizes a trend occurring across the credit union industry. It has become increasingly difficult for smaller financial institutions to absorb today’s increased operating costs and/or maintain pace when it comes to offering the latest technological conveniences consumers want. Frequently, it is in the best interest of the members and employees to merge with a larger financial institution to gain access to the latest resources that can improve their lives. At Peach State, we can offer a full suite of products and services for Richmond Community’s members.
This new growth is a sign of health, strength and success for Peach State as it strategically positions us for the potential to grow throughout the state of Georgia. With this latest addition, we will extend our service area footprint across eight counties which include: specific city and county school systems, government entities, businesses, organizations and associations in Barrow, Clarke, DeKalb, Gwinnett, Jackson, Oconee, Richmond and Walton counties.
Peach State aims to help our members reach their financial goals by offering the most cost effective products, services and conveniences they need. We look forward to extending this commitment to our new Richmond Community members.
Sincerely,Marshall Boutwell President/CEO