CLARKSVILLE, Tenn. (CLARKSVILLENOW) – Clarksville-based Fortera Credit Union is planning a merger with Life Credit Union, bringing Life’s 4,300 members and $37 million in assets to the new, combined entity.
Life CU will operate as a subsidiary of Fortera, and the partnership will have about $680 million in assets and serve more than 69,000 members in the Nashville, Clarksville and Hopkinsville, Kentucky, region, according to a news release.
The organizations expect to finalize the deal in 2021, subject to regulatory and member approval.
“With the upcoming retirement of Life’s CEO, Pam Tenpenny, we looked to the future with one goal in mind: strengthening our commitment to bring the greatest value and best possible experience to our members and staff,” Bubba McIntosh, chairman of Life Credit Union’s Board of Directors, said in the news release.
“Partnering with Fortera Credit Union offers our members the resources and stability of a premier financial institution while remaining true to our people helping people mission.”
Keeping Life Credit Union’s identity
Fortera CEO Tom Kane, echoed McIntosh’s confidence in the partnership, which allows Life CU to keep its name and identity.
“Fortera’s merger philosophy is a little different from others and offers an alternative to the traditional merger process,” Kane said in the release. “Our relationships reflect the credit union cooperative spirit and seamlessly honors Life Credit Union’s heritage while enhancing its operational and competitive strengths. As a subsidiary of Fortera, Life can maintain its name, staff members, products and services, set their own hours of operation, all while offering added benefits to its membership.”
Once the merger is finalized, Fortera CU will give back to Life CU members a distribution of the capital they have earned over the years, the release said.
“We think it’s important to recognize that loyal members are the foundation of a credit union,” said Edward Higgins, chairman of Fortera’s Board of Directors. “As entrusted stewards of their money, we believe in providing members with a return on their investment.”
About Life CU, Fortera CU
Life Credit Union was established in 1958 to serve the employees and their families of Baptist Hospital, but expanded to include anyone who works in or for the healthcare industry in Middle Tennessee, including the counties of Davidson, Cheatham, Robertson, Rutherford, Sumner, Williamson and Wilson.
Established in 1954, Fortera has expanded from serving the Fort Campbell Army post to a full-service financial cooperative serving Montgomery and Stewart counties in Tennessee, as well as Christian, Trigg, and Todd counties in Kentucky. Headquartered in Clarksville, Fortera has more than 64,000 members worldwide and over $640 million in assets.
