CommunityAmerica Credit Union plans to bolster its presence in St. Louis through a merger with $198 million-asset Electro Savings Credit Union, which is based in the city.

The Lenexa, Kansas-based CommunityAmerica, which says it is the largest credit union operating in Missouri, said it expects the merger to close in the spring.

The $5.4 billion-asset CommunityAmerica in August of 2024 named Federal Reserve Bank of St. Louis veteran Kathy O’Neill to lead its St. Louis operations, including ongoing market expansion.

The credit union also opened a new location in the suburb of Richmond Heights in April of 2024.

CommunityAmerica first announced its St. Louis growth plans in 2023, with a partnership deal with the St. Louis Cardinals baseball team.

Once the merger is complete, CommunityAmerica will have eight locations across the St. Louis metro area. The credit union was already set to open a new branch in nearby Hazelwood in early February, as well as its new flagship location in Des Peres this fall.

Additional locations are also under consideration.

“Electro Savings shares our passion for people and supporting the financial well-being of St. Louisans – and they are well-aligned with our plans to meaningfully invest in the communities that make up this region,” said Lisa Ginter, CEO of CommunityAmerica Credit Union, in a press release.

Dave Meglio, Chairman of Electro Savings Credit Union, said that during the last few months, the organization evaluated numerous opportunities to better serve its members.

“CommunityAmerica brings more than 80 years of proven strength and stability, in addition to cutting edge financial products and services that are geared toward our members’ satisfaction and financial well-being,” he said in the release.

CommunityAmerica has 336,000 members and earned roughly $22.6 million through the third quarter of 2024, a 1% increase from a year earlier, according to call report data from the National Credit Union Administration.

Electro Savings Credit Union has nearly 21,000 members and lost $1.3 million through the third quarter of 2024 after losing $4.1 million in 2023.

The NCUA approved 49 mergers during the third quarter of 2024, up from 46 consolidations in the prior quarter and 26 in Q1, according to the agency’s Merger Activity and Insurance Report.

“There’s no stronger partner than CommunityAmerica to help our members achieve their financial goals, now and in the future.”

 – Dave Meglio
Chairman
Electro Savings Credit Union