#3436: Addition and Envision Credit Unions' Merger Focuses on Matching Cultures and Leveraging Strengths...

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Addition Financial Credit Union President/CEO Kevin Miller and Envision Credit Union President/CEO Darryl Worrell joined us on the show to share their insights and the story behind the story regarding their credit unions' upcoming merger. The theme in this discussion shared by Kevin and Darryl is finding the right merger partner and how this match came together.

According to Kevin and Darryl, this merger highlights the need for growth in the credit union sector post-pandemic and addresses today's macroeconomic challenges, along with cultural alignment being crucial for success. It also aims to provide career growth opportunities for employees while prioritizing member needs and community impact.

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Q&A summary
What is the significance of the merger between Addition Financial and Envision Credit Union?
The merger is significant as it reflects a proactive approach to growth in the credit union industry, allowing both institutions to better serve their members and communities by combining resources and expertise.

What steps are the credit unions taking to ensure a successful merger?
Envision Credit Union and Addition Financial conducted thorough due diligence, evaluated potential partners based on cultural fit, and focused on maintaining their mission of serving members while expanding their reach.

What criteria are the credit unions using to evaluate potential merger partners?
Envision Credit Union and Addition Financial looked for partners that aligned with their mission, cultural values, and operational goals, ensuring that any merger would enhance their ability to serve members effectively.

What are the projected asset sizes and member counts for the merged credit union by 2030 and 2040?
By 2030, the merged credit union aims to reach an asset size of $3 billion and a minimum of 100,000 members, with a target of $5 billion in assets by 2040.

What impact will the merger have on employee career growth and opportunities?
The merger is expected to double employee career growth opportunities over the next five to seven years, providing a wider path for specialization and upward mobility within the combined organization.

What advice do the leaders have for other credit unions considering a merger?
They advise putting membership and community needs first, being open to conversations about partnerships, and ensuring that any potential partner shares similar values and goals.

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Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.