Jamestown, North Dakota based First Community Credit Union and Elm River Credit Union (Page, ND) have merged effective January 1, 2022, with an operational merger to follow later in the year.
Elm River Credit Union, a strong, well-capitalized, agriculture-based credit union has branches in Page and Kindred, serving just over 1,600 members. First Community Credit Union, the largest credit union in North Dakota, has branches spanning across 23 communities and 28 locations in both North Dakota and Minnesota, with just over 45,000 members.
The combined credit unions will be headquartered in Jamestown, N.D. and operate under the First Community Credit Union name. This merger will result in a wider range of products, services, and locations available to members of both institutions while preserving the friendly, quality service of a locally owned, strong and secure community credit union.
“It is rare to find two credit unions whose culture, business approach and member origins align as well as First Community and Elm RIver,” said Steve Schmitz, President and CEO for First Community Credit Union. “We look forward to working with the Elm River team to continue our shared history of exceeding the needs of our members. We look forward to serving the communities and members of both Page and Kindred.”
“Elm River Credit Union has a proud tradition of serving its local communities and the region as a member-owned credit union,” added Erin Olstad, retired CEO for Elm River Credit Union. “After meeting Steve and members of his team at First Community, we soon realized how much our credit unions have in common and that together, we could continue our respective community credit union traditions while capitalizing on the benefits that come with being a larger credit union.”
Steve Schmitz will serve as President and Chief Executive Officer of the combined credit unions and all Elm River CU employees will remain with the company. While Olstad is retiring from her CEO position after nearly 33 years with Elm River, she has agreed to stay on with FCCU on a part-time basis for the coming months to assist with the merger transition.
FCCU looks forward to this opportunity to grow and to continue to serve their members with the mission of “people helping people.”
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