Press
Mendo Lake and Fort Bragg Credit Unions – Even Better Together
(August 22, 2013) — After receiving state and federal regulatory approval, members of Fort Bragg Community Federal Credit Union voted in favor of merging with Mendo Lake Credit Union during a special meeting on Wednesday, August 21st.
Mendo Lake will assume all of Fort Bragg Credit Union’s assets and liabilities, and the continuing credit union will maintain the Mendo Lake name and brand. On Tuesday, October 1st, the Mendo Lake Credit Union branch in Fort Bragg will be moving around the corner into the Fort Bragg Credit Union Office, located at 120 N. Franklin Street. ATM service will also be located at 120 N. Franklin Street. The Fort Bragg office will be managed by MLCU branch manager and longtime Fort Bragg resident, Tracy McDaniel. System integrations are scheduled throughout October, and a smooth transition is anticipated. In addition, the merger agreement includes a provision for two of the volunteer board members of Fort Bragg Credit Union to join the volunteer Mendo Lake Credit Union board of directors, and one Fort Bragg Credit Union volunteer to join the Supervisory/Audit committee.
The merger of the two cooperative organizations is designed to assure the best in ongoing service to the continuing membership, ensuring continued stability, vitality and growth. Richard Cooper, President/CEO of Mendo Lake Credit Union, stated “The greater capital resources of the combined organization will continue to provide a high level of local service while maintaining the reserves needed for growth and stability in the years to come.” All employees of Mendo Lake and Fort Bragg Credit Unions will retain their jobs under the merger agreement, with the exception of Pam Merritt, CEO of Fort Bragg Credit Union, who is looking forward to retiring with over 39 years in the financial world. Pam says she sees the merge as “an opportunity for members to have access to additional lending options and expanded services, and to keep all of the employees that members are used to seeing each day.”
Fort Bragg Credit Union has been serving member financial needs since 1952, and Mendo Lake since 1959. Mendo Lake has three additional branches located in Ukiah, Lakeport, and Clearlake. The combined organization will be over $170 Million in total assets and serve more than 24,000 members. Out of that total, the Fort Bragg branch of Mendo Lake will now have over $50 million in deposits, more than $26 million in loans, and serve over 7,000 members. Member deposits will continue to be insured to $250,000 by the National Credit Union Share Insurance Fund – a U.S. Government Agency.
For more information visit www.fbcredit.com or www.mlcu.org.