Two Georgia-based credit unions are the latest to consummate a merger.

The $935 million-asset Peach State Federal Credit Union and the $88 million-asset Pinnacle Credit Union will merge effective Sept. 1.

Members of the two organizations met at special meetings Aug. 15 and approved the transaction.

“Rest assured that you will continue to receive the same level of service and care from the familiar faces you see today at the Ben Mays, Glenwood and Putnam branches,” said Marshall Boutwell, president and CEO of Peach State FCU in a statement on the Lawrenceville-based institution’s website.

Boutwell will lead the combined organization.

Pinnacle’s former CEO, Matt Selke, was recently named the new chief executive at Georgia Heritage Federal Credit Union in Savannah.

Pinnacle will retain its name on things like signage, member’s checks and credit cards until the system conversion is complete sometime in 2025, the companies said.

The organizations said there is no plan to close any branches.

Atlanta-based Pinnacle has three branches serving 6,800 members, and Peach State serves its nearly 71,000 members with 26 branches in Georgia and South Carolina.

In 2022, Pinnacle announced that it would be part of a unique thee-organization merger with both RVA Financial Federal Credit Union in Richmond, Virginia, and MUNA Federal Credit Union in Meridian, Mississippi.

But that deal ultimately fell through.

The National Credit Union Administration approved 46 mergers during the second quarter of 2024, up from the 26 in the first quarter and 36 in the second quarter of 2023.

Peach State earned roughly $4.2 million through the second quarter of 2024, a 20% decrease compared to a year earlier, according to call report data from the NCUA.

Pinnacle lost $84,000 through the first half of 2024. In the first two quarters of 2023, the credit union earned $196,000.

“This merger joins together two long-standing organizations with a shared history of serving educators and a commitment to putting people first.”

 – Marshall Boutwell
President & CEO
Peach State FCU