JACO Federal Credit Union has announced a merger with Centric Federal Credit Union.
The members of JACO overwhelmingly approved at their recent annual meeting, the recommendation by its Board of Directors to become a part of Centric Federal Credit Union.
“It was important to find a partner that shared the service culture of JACO,” said Tommy Folk, JACO President. “Centric was selected because they align the closest with the values, ethics and principles of JACO and our membership.”
The merger was approved by the National Credit Union Administration (NCUA) on August 31, 2021. The membership vote was held at JACO’s Annual Meeting on November 4, 2021, with a completion date of November 30, 2021.
“Centric is committed to continuing the legacy of service built at JACO,” said Chris Craighead, CEO of Centric. “The baton of service has been passed and we know the level of commitment it represents for the members of JACO, and we are excited to provide its members with our technology, services and financial education as we seek to help them Live Better.”
The combined credit unions will serve over 34,000 members with $282 million in assets and 100 employees. Centric has six service centers in Ruston, West Monroe, and Monroe.
JACO Federal Credit Union was established in 1961 in Ruston, to serve the employees of T. L. James Companies. JACO is a locally owned financial cooperative in North Central Louisiana serving over 1,700 members with $12 million in assets. It currently serves 65 sponsoring employee groups.
Established in 1937 in West Monroe, Centric Federal Credit Union has grown to be a large locally owned financial cooperative in Northeast Louisiana serving over 33,000 members with over $270 million in assets. Centric’ s mission is to help members Live Better.
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