Quest Credit Union and Educational Credit Union, both cooperative, member-owned financial institutions, have announced their intention to merge in 2016. This merger will create one of the largest credit unions in Kansas with $450 million in assets, 47,500 members and 10 branch locations in Topeka, Lenexa and Fort Riley.
After careful consideration, the credit unions’ boards of directors determined that a partnership was mutually beneficial in that it will strengthen the organizations and allow for continued growth. The world of banking and financial services continues to evolve, and merging will create the infrastructure necessary to meet the increasing needs and demands for enhanced technology and services.
“Convenient branch locations aren’t enough anymore,” said Vickie Hurt, President/CEO, Quest Credit Union. “Consumers want convenience delivered straight to them, and that takes electronic services and technology that require size, scale and resources.”
“This is an exciting opportunity for both credit unions,” said Greg Winkler, President/CEO, Educational Credit Union. “Our plan is to build upon the size and strength of both organizations, improving operations while continuing to provide the same great service that our members are accustomed to.”
The merger plan will be submitted to credit union regulators for approval in March. The member-owners of both credit unions will then vote on the merger this spring. It is anticipated that the merger will be completed in early 2016 thus allowing sufficient time for implementation.