One of the area’s most prominent financial institutions will be growing soon as Army Aviation Center Federal Credit Union is merging with Wiregrass Federal Credit Union.
Wiregrass FCU members approved the merger proposal by a wide margin – 682 to 79 – during a meeting Tuesday, according to Wiregrass FCU’s website. Army Aviation Center FCU members will gain access to Wiregrass’ three branches – one on Honeysuckle Road in Dothan, one in Andalusia and one in Marianna, Florida –with the merger.
Wiregrass members will garner access to AACFCU’s 21 branches and its products – including better online banking products and a cooperative system that allows use of shared branch services and a many ATMs nationwide. Additionally, Wiregrass members will receive access to in-house mortgage products instead of having to use third parties.
While the merger will be finalized on March 1, the melding of financial systems will not happen until May 20.
Wiregrass FCU board members recommended the merger given AACFCU’s similar culture and “commitment to superior service and employee loyalty.” The board also noted regulatory burdens had become “challenging” for the small credit union.
Wiregrass FCU members will receive loyalty awards deposited into their accounts as part of the merger, which could include loan-interest rebates.
Wiregrass FCU employees will not lose their jobs, according to a Wiregrass webpage. They will also receive a loyalty award based on a percentage of an employee’s salary, total years of service, and other aspects.
According to financial information accurate as of July 2018, the combined institutions will have more than $1.2 billion in assets.