YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
A nearly 100-year-old Springfield credit union is merging with another in the state.
Multipli Credit Union today announced merger plans with Jefferson City-based River Region Credit Union.
"We are excited about this strategic partnership. From the onset, both of our boards of directors have focused on ensuring that together we continue to provide the best member, employee and community value,” said Judy Hadsall, Multipli president and CEO, in a news release. "Multipli is in a very strong position financially. With the combined talent and resources, we will be able to improve so many more lives, as well as our communities."
The merger is expected to be finalized in April. Alisa Lawler, vice president of marketing and business development for Multipli, said no money is changing hands in the deal.
"In a credit union merger, members vote 'yes' to authorize the strategic partnership and become one credit union. Then, members' ownership shares seamlessly transfer to create one institution, without any money changing hands," she said via email.
The organizations' names will remain unchanged initially, Lawler said, noting the combined boards would have the option to consider a change in the future. Details on the merged credit union’s leadership and board of directors’ structure were unavailable by deadline.
Multipli Credit Union in 2019 was unveiled as the new name for the organization that previously did business as CU Community Credit Union, according to past reporting. The credit union launched in 1934, originally as a fund for City Utilities of Springfield employees.
Multipli ranked No. 4 last year on Springfield Business Journal's list of the area's largest credit unions. The company reported 11,107 local members as of Oct. 23, 2023, as well as 2022 data including assets of $173.6 million and deposits of $137.3 million.
Multipli's website lists three locations, all in Springfield. River Region Credit Union has seven locations, according to its website.
This is a developing story. SBJ will update it with more information as it becomes available.
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