Capital Credit Union and Pioneer Credit Union have agreed to merge in 2014 to strengthen assets and influence. The merger will provide several benefits for both members and employees of both banks, such as additional cost savings, use of all current locations of both banks and the retention of every employee. Each bank has reserves exceeding 9 percent and positive growth projections.
“When you look at it, there is no downside to Pioneer Credit Union teaming with Capital,” says Alan Zierler, president and CEO of Capital. “As Capital Pioneer Credit Union, we will continue to offer our members premium rates, now with an even wider selection of services and locations. Additionally, with this partnership we will be able to specialize more in the future to better serve the changing needs of our members.”
The headquarters will be in Green Bay. Currently, Capital Credit Union is headquartered in Kimberly and Pioneer Credit Union is headquartered in Green Bay. Once combined, the new bank’s assets will total more than $1 billion and will have 90,000 combined members in 25 combined branch offices. No locations of either bank will be closed as a result of the merger.
“That means we make decisions based only on how it affects the members,” says Tom Young, president of Pioneer. “There are no stock swaps, no big buyouts, no money changing hands.”
Along with employee retention, each member of the banks’ Board of Directors will also remain after merging the two boards. The same for all community involvement and charitable actions by both banks – the companies agreed to continue their traditions of giving back to the community.
The actual merger is expected in mid-2014 but a vote for the Pioneer membership to uphold the merger will happen later this summer. Capital members will vote on the name change in February at their annual meeting, and the actual merger is planned to occur in mid-2014.