APCO Employees Credit Union (APCO ECU) and Powerco Federal Credit Union (Powerco) have announced their merger “as voted with overwhelmingly positive support by the Powerco membership,” APCO ECU President and CEO Derrick Ragland said.
Founded in 1953, APCO ECU is Alabama’s second-largest credit union and the largest state-chartered credit union in Alabama, with more than $3 billion in assets. The credit union’s headquarters are in Birmingham.
Chartered in 1935, Powerco has more than $200 million in assets and more than 15,000 members served by eight branches in Georgia and Mississippi. Powerco’s headquarters are in Atlanta.
The merger demonstrates a commitment by both credit unions to continue serving employees of Southern Company and its affiliates, Ragland said.
“APCO Employees Credit Union and Powerco Federal Credit Union both have strong financial foundations and have many shared members, values and approaches to serving our memberships,” Ragland said. “This partnership is a proactive step to capitalize on our strengths and aligned missions as we build for the future and allow a unified financial experience. This will provide our members expanded access across Alabama, Georgia and Mississippi.”
By merging Powerco with APCO ECU’s 73,000 members and 20 branch locations, the combined credit union will provide economies of scale to provide competitive products, benefits and digital offerings to the collective membership, Ragland said.
“This merger is a beneficial opportunity to ensure long-term sustainability with a credit union who provides secure financial products and exceptional member service,” said Powerco CEO Dan Blalock. “By joining together, our members will have access to enhanced customer service, a wider range of products and services, higher savings rates and low fees.”
Effective April 1, Powerco Federal Credit Union became Powerco Credit Union, a division of APCO Employees Credit Union, and both credit unions will work together toward a full systems conversion expected to be completed in 2024, officials said.
“I’m honored to welcome Powerco Federal Credit Union members and employees to the APCO Employees Credit Union family,” Ragland said. “Powerco will continue to be staffed with the same team dedicated to providing exceptional service.”
For more information, visit APCO Employees Credit Union online at www.apcocu.org.