Arkansas Federal Credit Union of Jacksonville said Wednesday that its has agreed to merge with the Arkansas Democrat-Gazette Federal Credit Union of Little Rock.
Both companies’ boards have agreed to the deal, which now requires approval by members of Arkansas Democrat-Gazette FCU, according to a news release.
“We are thrilled to be able to make a difference in the lives of more Arkansans by expanding our full suite of products and services to the members of Arkansas Democrat-Gazette FCU,” AFCU President and CEO Rodney Showmar said. “Arkansas Federal is known for providing extremely competitive loan rates, high deposit rates and friendly, professional service. And we look forward to serving our new members, which will provide them with more options for managing their finances both in-branch and online.”
The Arkansas Democrat-Gazette Federal Credit Union was established to serve the employees of the Arkansas Democrat newspaper. It received its state charter in 1936 and federal charter in 1992. Since then, its membership has grown to include all Wehco Media newspaper, cable and digital services companies in Arkansas. The Arkansas Democrat-Gazette FCU has more than 670 members and assets of $2.8 million.
“Once approved, our members will be able to enjoy a one-stop shop for all of their financial needs combined with local, knowledgeable and friendly staff plus the convenient digital management tools such as mobile banking consumers expect,” said Kathi Wieneke, chairman of the Democrat-Gazette FCU. “We look forward to working with the team at Arkansas Federal to make this a successful and seamless transition for everyone involved.”
The companies said that once they have approved the merger, Arkansas Democrat-Gazette FCU members will receive notifications from Arkansas Federal advising them of any changes to their accounts. They said members should continue to manage their accounts as usual.
Arkansas Federal Credit Union is the largest credit union in Arkansas with more than $1.2 billion in total assets and more than 300 employees. It has 15 branches in Arkansas and more than 108,000 members.
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