Two area federal credit unions completed a merger on Wednesday, according to a company news release from Caprock Federal Credit Union.
Caprock FCU completed its merger with Plains Federal Credit Union and the transition is expected to be complete by Dec. 1.
“The approval of this merger represents much more than the combination of two financial institutions,” said Dale J. Hansard Jr., President and CEO of Caprock Federal Credit Union. “It represents the joining together of two member-owned cooperatives that share a commitment to personal service, financial strength, community, and the credit union philosophy of people helping people.”
No immediate change is expected for Plains members, as accounts, loans, certificates and shares will continue under
current expectations. Eligible deposits will continue being insured through the National Credit Union Share Insurance Fund, subject to coverage limits. Caprock promised to communicate in advance if any members need to make changes.
“We understand that trust is not transferred simply because two organizations merge,” Hansard said. “It must continue to be earned through our actions, our service, and the way we treat our members every day. That is exactly what we intend to do.”
Through the transition period, Plains members will receive information on additional technology, lending opportunities, products, services and financial resources.
Alana Edgin writes about business for the Lubbock Avalanche-Journal. Got a news tip? Contact her via email at aedgin@lubbockonline.com.
This article originally appeared on Lubbock Avalanche-Journal: Caprock and Plains credit unions complete merger, here's what to know
