OnPath Federal Credit Union and Louisiana Federal Credit Union jointly announce their intent to merge
METAIRIE, LA (December 11, 2023) — In a collaborative effort to enhance the financial well-being of their members and communities, OnPath Federal Credit Union and Louisiana Federal Credit Union are excited to announce a joint decision to merge. If approved, the combined credit union will do business as OnPath Credit Union, and the new brand will ensure that both credit unions’ rich histories are honored. Overall, the combined assets would be more than $1billion, serving more than 89,000 members with fifteen (15) branches throughout Louisiana.
Set to be finalized by mid-2024 as the largest credit union merger in the state of Louisiana, this partnership is rooted in shared values and a strong commitment to member service. Both credit unions hold a deep dedication to their members, employees, and communities, as well as a common vision for the future of the combined credit union. In a financial services sector that is constantly shifting, this merger represents a collaborative pooling of resources and talent. Becoming a larger credit union would provide opportunities to position the new credit union for continued growth. In turn, this would result in being able to provide even more benefits to members in the form of more product and service access and integrating new and robust technologies and services.
“For every member, whether facing financial challenges, is in need of financial counseling, or is just looking for a financial partner who is passionate about providing the best financial products and services, I want OnPath to be there, commented Jared Freeman, OnPath’s President/CEO. Freeman goes on to say, “During these times of uncertainty, as more individuals and communities grapple with financial challenges, the merger with Louisiana Federal Credit Union becomes an opportunity to combine our capabilities. By uniting our strengths and harnessing increased economies of scale, we aim to extend our service to a larger membership base and elevate our impact on the communities we serve”.”
Rhonda Hotard, President/CEO of Louisiana Federal Credit Union, could not agree more, “We are excited about the opportunity to merge with OnPath. This partnership will expand services for our members, including access to additional branches, a larger ATM/ITM network, and best-in-class products and services. We look forward to organically growing together for the benefit of our members and the communities we serve.”
As member-owned cooperatives, and under the guidelines of the National Credit Union Association, full merger approval is contingent upon Louisiana Federal Credit Union member approval. Upon that approval, the entities will become OnPath Credit Union. As the merger process moves forward, both credit unions will provide information to their respective Memberships via their websites (www.beonpath.org and www.LouisianaFCU.org), and other applicable communication channels.
About OnPath Federal Credit Union
Founded in 1961 on the grounds of Avondale Shipyards, Inc., ASI Federal Credit Union was established to serve blue-collar workers. Today, OnPath FCU’s membership is open to anyone who lives, works worships or attends school in the greater New Orleans area, as well as in 11 other nearby cities, employees of one of their 600+ SEG program businesses, or their relatives. Through its core values of Empathy, Passion, Integrity, Innovation, and Commitment, OnPath has grown to include over 53,000 members, has had more than $1.2 billion in total lending impact across Southeast Louisiana, and holds more than $650 million in assets. OnPath has ten branches in four parishes, and it offers a broad range of loans to its members, including residential mortgage, business, direct and indirect auto, Visa credit cards, and unsecured loans. To learn more, visit https://www.beonpath.org/.
About Louisiana Federal Credit Union
Louisiana FCU was originally established in 1935, as the Norco Refinery Employees Federal Credit Union. Today Louisiana FCU Credit Union is a full-service not-for-profit financial institution serving more than 36,000 members in Louisiana. With the mission of “helping you get there,” Louisiana FCU is committed to providing guidance and resources that allow members to focus on life first.
