The board of directors of Coosa Valley Credit Union and Northwest Georgia Credit Union announced Friday that they have reached an agreement to merge. Both credit unions are well operated and financially sound and both are headquartered in Rome, Georgia.
Both Coosa Valley credit union and Northwest Georgia credit union share similar philosophies and operating procedures, as well as providing excellent service to their members. Members will enjoy higher dividends on their deposits, lower interest rates on loans, and pay lower fees. By combining resources these member owned cooperatives will enjoy greater efficiencies.
Coosa Valley Credit Union serves persons and businesses in Bartow, Catoosa, Chattooga, Dade, Floyd, Gordon, Haralson, Paulding, Polk, and Walker Counties. After the merger there will be seven branch locations and a new location planned to open early 2017 in Cartersville. In addition, there are numerous surcharge free ATMs throughout the Coosa Valley region.
The consolidated credit union will have 38,000 members and assets of over $255 million. The consolidated credit union will operate under the name and charter of Coosa Valley Credit Union.
Mr. Andy F. Harris, President/CEO of Coosa Valley Credit Union will be the President/CEO of the consolidated credit union.
The required filings have been submitted with the respective regulatory agencies for their approval. Once approved by regulatory agencies, members will be asked to vote on the consolidation in the early summer months. It is anticipated that the merger will be completed in the summer of 2016.
Deposits at both institutions will continue to be insured to at least $250,000 by the National Credit Union Administration, a Federal regulatory agency.