Ascend Federal and LGE Community credit unions plan merger across Tennessee and Georgia.
The proposed combination would create a $7 billion-asset institution as consolidation continues to reshape the credit union industry.
Two large Southern credit unions, one based in Tennessee and the other in Georgia, said they plan to merge, a move that would extend their reach across state lines and reflect a broader wave of consolidation in the industry.
Ascend Federal Credit Union, headquartered in Tullahoma, Tenn., and LGE Community Credit Union, based in Atlanta, announced the agreement Monday. The deal, which requires regulatory approval and a vote by LGE members, would create a combined institution serving more than 390,000 members with more than $7 billion in assets.
The merger would bring together Ascend, which reported $4.7 billion in assets and 263,809 members, and LGE, which has $2.3 billion in assets and nearly 125,000 members.
Both institutions have reported steady earnings in recent years. Ascend earned $53.6 million last year after posting $40.3 million in 2024, according to National Credit Union Administration data. LGE reported $15.2 million in earnings last year, up slightly from $14.6 million the year before.
While the two credit unions currently operate in separate geographic markets, their leaders described the combination as complementary rather than overlapping. The combined organization would operate more than 40 branches across Tennessee and Georgia and employ roughly 950 people.
Story continued below…
FREE CASE STUDY
Vibe Credit Union empowers members with real-time loan skip relief.
To meet growing demand for faster, more convenient digital options, Vibe partnered with Tyfone to implement a Skip-A-Pay solution. Members can skip eligible loans online, while staff can assist those who prefer to call or visit branches using the same system. The result is a self-service loan skip program that supports members year-round, improves internal efficiency, and has generated over $100,000 in annual revenue without impacting credit scores.
Read our exclusive case study and learn how they elevated their digital banking and loan servicing experience.
“This partnership is rooted in responsibility and care,” said Chris Leggett, president and chief executive of LGE. “By coming together, we can strengthen our ability to support members and communities while staying true to the principles that have guided us for decades.”
Matt Jernigan, president and chief executive of Ascend, said the merger would allow both organizations to build on their shared focus on member service. “This planned merger allows us to build on those strengths with intention, ensuring we continue to serve people with clarity, care, and purpose — today and into the future,” he said.
Under the terms of the agreement, the combined institution would retain the Ascend Federal Credit Union name. Jernigan would continue as president and chief executive, while Leggett would move into an executive role.
LGE has experience with acquisitions, having completed two bank deals in recent years, including its purchase of Greater Community Bank in 2023 and Georgia Heritage Bank in 2018. The proposed tie-up with Ascend, however, represents a different kind of combination, bringing together two member-owned cooperatives rather than a bank and a credit union.
The organizations said they intend to retain all employees, emphasizing continuity in service as systems integration unfolds through 2027.
The announcement comes as consolidation continues to shape the credit union sector. The NCUA approved 157 mergers in 2025, following 162 in 2024 and 145 in 2023. Industry observers have pointed to rising technology costs, competitive pressures and the need for scale as key drivers.
If approved, the Ascend-LGE combination would stand as one of the larger recent mergers, underscoring how regional institutions are seeking size and stability in a changing financial landscape.
“By coming together, we can strengthen our ability to support members and communities while staying true to the principles that have guided us for decades.”
– Chris Leggett
President & CEO
LGE Community Credit Union
Ken McCarthy is manager of marketing communications at Tyfone, where he monitors the credit union industry and contributes to conversations shaping its future. He previously covered credit unions and community banking for American Banker and S&P Global Market Intelligence. He holds a journalism degree from Point Park University and has more than 15 years of experience covering financial services. He is also the author of three literary fiction novels.
