Merger Signifies Important Industry Move for two Utility-Focused Financial Institutions
Birmingham, Ala. (April 3, 2023) – As of April 1, APCO Employees Credit Union (APCO ECU) & Powerco Federal Credit Union (Powerco) have announced the official approval of a merger as voted with overwhelmingly positive support by the Powerco membership. The merger demonstrates both Credit Unions’ commitment to continue serving employees of Southern Company and its affiliates.
“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,” Derrick Ragland, APCO ECU President and CEO, states. “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, 20 branch locations, and over $3 billion in assets, the combined credit union will provide economies of scale to offer competitive products, benefits, and digital offerings to the collective membership. “I’m honored to welcome Powerco Federal Credit Union members and employees to the APCO Employees Credit Union family,” states Ragland. “Powerco will continue to be staffed with the same team dedicated to providing exceptional service.”
“This merger is a beneficial opportunity to ensure long-term sustainability with a Credit Union who provides secure financial products and exceptional member service.” Powerco CEO Dan Blalock says. “By joining together, our members will have access to enhanced customer service, a wider range of products and service, higher savings rates, and low fees.”
Effective April 1, 2023, Powerco Federal Credit Union will operate as Powerco Credit Union, a division of APCO Employees Credit Union, and both credit unions will work together towards a full systems conversion expected to be completed in 2024.
About APCO Employees Credit Union
Founded in 1953, APCO Employees Credit Union has grown to become the second largest credit union in Alabama, and the largest state-chartered credit union in the state, with over $3 billion in assets. We proudly serve 73,000 members through 20 Credit Union branches in Alabama, our Digital Banking platform, and through more than 5,000 Credit Union Service Centers located throughout the nation. Visit APCO Employees Credit Union online at www.apcocu.org.
About Powerco Federal Credit Union
Chartered in 1935, Powerco has over $200 million in assets and more than 15,000 members, and their families are served by dedicated professionals in eight branches in Georgia and Mississippi.
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APCO Employees Credit Union & Powerco Federal Credit Union have announced an official merger effective April 1, 2023. The merger demonstrates both Credit Unions’ commitment to continue serving employees of Southern Company and its affiliates.
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