BluCurrent Credit Union this morning announced plans to merge with Greater Ozarks Community Credit Union, a 2363 W. Division St. institution with $5.3 million in assets and $4.6 million in deposits.
The merger has been approved by the Missouri Division of Credit Unions and the National Credit Union Administration and is scheduled to finalize Aug. 31.
BluCurrent Vice President of Marketing Services Jenny Reynolds said Greater Ozarks' two employees, who are tellers, will join the BluCurrent staff. She said BluCurrent will gain about 2,000 customers, who will receive access to the BlueCurrent system and services, including home loans and several types of checking accounts, some of which not currently available to Greater Ozarks customers.
The merger follows the exit of Greater Ozarks President Kathie Zeszutek, who left the firm about seven months ago, Reynolds said.
“In recent months, it has become increasingly difficult to provide ever-changing financial products and services to our members and maintain a competitive edge within today’s regulatory environment,” said Al Wagner, chairman of Greater Ozarks' volunteer board, in a news release.
Greater Ozarks employees likely will work out of BluCurrent's new branch that is expected to open Oct. 1, Reynolds said. The 1607 W. Kearney St. site, formerly a Great Southern Bank branch, would be staffed by about five employees, she said.
Greater Ozarks, which was founded in 1936 and previously only served railroad employees, changed its named from Railway Credit Union in January 2010. BluCurrent, which has assets of more than $140 million and about 20,000 members, enacted its own name change from Postal Federal Community Credit Union in August 2011.
The BluCurrent and Greater Ozarks move is the second credit union merger in the last month. In late July, CU Community Credit Union agreed to merge with Southwest Missouri Credit Union, according to Springfield Business Journal archives.