Bethalto, Illinois -- Wednesday, June 15, 2011 - The Board of Directors of Alton Area Employees Federal Credit Union (AAEFCU) has entered into a merger agreement with 1st MidAmerica Credit Union. Approval was given on June 10, 2011 by the National Credit Union Administration. The state's Division of Financial Institutions also reviewed and approved the merger, which will be
complete June 27.
1st MidAmerica is a strong credit union, positioned to merge AAEFCU and continue to serve their 1,100 members. With $450 million is assets, 41,000 members and 6 branches, 1st MidAmerica is ranked in the top 5 percent of credit unions in the country in terms of strength and profitability. AAEFCU has $5 million in assets and one branch. The existing AAEFCU branch, located on Humbert Road in Alton, will remain open after the merger and operate as a 1st MidAmerica branch.
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Members of AAEFCU will have additional services available to them after the merge. 1st MidAmerica offers nationwide access to member accounts through 6,400 credit union locations on the Shared Branching Network and 28,000 surcharge-free CO-OP ATMs, investment services, home loans, and mobile banking.
1st MidAmerica, formerly Olin Community Credit Union, has been serving members of the local community for over 75 years. The credit union currently has five local branches in Alton, Bethalto, East Alton, Godfrey, and Jerseyville, with a sixth being built in Wood River.