Montgomery, AL – The membership of Alabama Rural Electric Credit Union (ARECU) has approved a merger with Alabama ONE Credit Union. Under the terms of the merger, ARECU will operate as a division of Alabama ONE with its board continuing to operate as an advisory committee in fulfilling the combined strategic vision of the merger. The ARECU Advisory Committee will elect one committee member to serve on the Alabama ONE Board and the Alabama ONE Supervisory Committee, respectively. The merger between Alabama ONE and ARECU is expected to close in July 2020.
The mutual benefits and opportunities of these esteemed credit unions are substantial. Together, Alabama ONE and ARECU will have a field of membership encompassing 57 counties throughout Alabama with an opportunity to serve over 500,000 households and 100,000 businesses within this merged field of membership. Electric cooperative employees and member-customers across Alabama will have immediate access to the latest online/mobile banking technology, affordable auto loan and mortgage products, aggressive rewards-driven credit cards, comprehensive insurance offerings, retirement/wealth advisory solutions, and financial wellness education. Electric Cooperatives and small businesses across this field of membership will enjoy modern low-fee business services, digitally compatible merchant services, employee benefits offerings, and cybersecurity technology solutions through the merger.
Jeff Hodges, Chairman of Alabama Rural Electric Credit Union, said of the merger, “In our discussions with the Alabama ONE TEAM, we immediately saw the benefits and opportunities to offer a full-scale and modern banking experience to our members. Through the partnership with Alabama ONE we saw an opportunity, at the right time, to provide our members throughout Alabama who are increasingly becoming under-banked a new experience through the convenience of their phone, tablet, or desktop. And more importantly, Alabama ONE recognized and embraced the value of our credit union – such that we will continue to operate as Alabama Rural Electric Credit Union, as a division of Alabama ONE.”
Loo Whitfield, Chairperson of Alabama ONE, also said of the partnership, “Alabama ONE is extremely pleased to welcome Alabama Rural Electric Credit Union to the Alabama ONE family! Alabama ONE has made substantial investments over the last two years in upgrading its digital banking technology and member experience. This partnership with Alabama Rural Electric Credit Union is immediate evidence these investments are paying off. While enjoying a start-of-the art mobile banking experience and wide array of service offerings, Alabama Rural Electric members will also see our earnest commitment to promoting financial wellness among our members and youth through this partnership.”
About Alabama ONE
Alabama ONE, based in Tuscaloosa, Alabama, is a full-service credit union, serving all the residents of Tuscaloosa, Pickens, Mobile, Jefferson, and 18 other counties, including Fayette, Lamar, Walker, Bibb, Hale, Greene, Washington, Baldwin, Monroe, Escambia, Choctaw, Clarke, Wilcox, Marengo, Sumter, Morgan, Montgomery, and Shelby. Chartered in 1951, Alabama ONE has grown to over $650 million in assets and serving over 63,000 members within its field of membership.
About Alabama Rural Electric Credit Union
Alabama Rural Electric Credit Union, based in Montgomery, Alabama, serves Alabama’s electric cooperatives, their employees, and their members and families throughout the state. Chartered in 1969 with seven members, Alabama Rural Electric Credit Union has grown to over 3,800 members and almost $36 million in assets.
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