River Region Credit Union in Jefferson City and Missouri Credit Union in Columbia plan to merge and form an institution with 80,000 members and nearly $1.3 billion of assets.

The credit unions announced late last week that the National Credit Union Administration approved their proposed tie-up, which now heads to the members of Missouri Credit Union for a vote.

Those ballots must be received by March 27.

The organizations expect the merger to become official in April with their systems integrated by November.

“This merger represents one of the most promising opportunities for the credit union’s future in 45 years. Your ‘yes’ vote is a vote for growth, stability, and the long-term success of our community,” said Hal James, Missouri CU’s president and CEO.

The jump above the $1 billion-asset mark cannot be discounted.

According to the NCUA’s most recent quarterly data summary, credit unions between $500 million and $1 billion of assets – which includes both River Region and Missouri CU – reported a 6% decline in total loans outstanding during the past year, and membership declined 7%.

By comparison, credit unions with between $1 billion and $10 billion of assets saw 6% growth in both loans and membership.

The $716 million-asset River Region said the deal would multiply its staff expertise and resources, improve its service offerings, and strengthen its resources, talent, and technical capabilities.

It would also open membership to more people throughout the state.

River Region Credit Union also closed on a merger with Springfield-based Multipli Credit Union this past summer.

The $566 million-asset Missouri CU said its name will not immediately change, but the combined boards will approve a new name.

The credit unions did not disclose who would lead the combined organization.

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.

In terms of branches, Misosuri CU said the merger will give its members access to locations in Ashland and Springfield, as well as improved access across Jefferson City and Columbia.

The combined organization will have 17 branches.

River Region has nearly 43,000 members and earned roughly $5.6 million in 2024, a 23% increase compared to a year earlier, according to call report data from the NCUA.

Missouri CU has 37,000 members and earned $5.5 million last year after earning $5.1 million in 2023.

“This merger represents one of the most promising opportunities for the credit union’s future in 45 years.”

 – Hal James
President & CEO
Missouri Credit Union