[StBernard] Pelican State CU Transfers Chalmette Branch to Eagle Federal CU

Westley Annis westley at da-parish.com
Wed Apr 4 16:34:39 EDT 2012


Pelican State CU Transfers Chalmette Branch to Eagle Federal CU
Posted: 2012-04-04 00:00:00


CHALMETTE - Pelican State Credit Union announced today that it will transfer
its Chalmette Branch to Eagle Federal Credit Union on April 17, 2012. The
transfer was recently approved with unified support from both Boards of
Directors.

Pelican acquired this branch six years ago through a merger with Chalmette
Refinery Credit Union immediately following Hurricane Katrina. The credit
union was in danger of closing its doors and Pelican stepped in to prevent
those members from losing their accounts.

"Strategically, the Greater New Orleans Area is not where we intended to
grow. Chalmette Refinery CU needed a helping hand after the hurricane and we
did what we could to support recovery efforts," said Pelican CEO Jeffrey K.
Conrad.

Because Pelican does not intend to develop this area any further, its
management team acknowledged that their Chalmette members could benefit from
a credit union that has a larger presence in the community with intentions
of growing in the area.

"It is because of our commitment to provide members with excellent service
that we have made the decision to have Eagle Federal Credit Union serve our
members in the Chalmette area," said Conrad.

"This is not a merger," said Eagle Federal CEO Ginger Manint, "This is a
transfer of a branch between credit unions in an effort to provide more
convenient access to these members."

Conrad said, "We are not 'selling' member accounts or the building for
profit; It is an even exchange that we hope will result in more
individualized attention for members in this area."

Following the transfer, Eagle Federal will retain all Pelican employees and
members. "We are working closely with Eagle Federal to implement this change
as seamlessly as possible," said Pelican CEO Jeffrey K. Conrad. "Service to
the members will be uninterrupted," said Conrad.

"It is a win-win-win situation," said Conrad, "Members will enjoy more
options and increased convenience, Eagle will gain members in an area where
they want to grow and Pelican can focus its resources on developing other
branch areas across the state."

"This transfer of membership is demonstrative of the cooperative spirit of
credit unions and how we make every decision with the best interest of our
members in mind," said Manint, "We look forward to developing relationships
with our new members in Chalmette."

The Chalmette Branch serves 600 members, primarily employees of Chalmette
Refinery, and is currently Pelican's most southern branch. Pelican's four
Select Employer Groups in Chalmette will be transferred to Eagle Federal as
well.

About Pelican State Credit Union
Pelican State Credit Union was established in 1956 and was formerly known as
the Department of Hospitals Credit Union. Headquartered in Baton Rouge, LA,
Pelican State CU is one of the fastest growing credit unions in the state.
As a not-for-profit cooperative, the credit union serves more than 34,000
member-owners. With an asset size of $191 million, Pelican is dedicated to
the 'Little Guy' and the financial education of the communities it serves.
www.pelicanstatecu.com

About Eagle Federal Credit Union
In 1942, Eagle Federal Credit Union was organized to promote thrift and well
being to its members. Today, Eagle Federal provides a solid financial
partnership that members rely on from youth through retirement. As a
non-profit cooperative, earnings are returned to the members in the form of
cash dividends. At every touch point you can find friendly, personal
service. Eagle Federal members also enjoy lower interest rates on loans and
higher yields on deposits. www.eaglefederal.org



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