METAIRIE, La. – Louisiana Federal Credit Union has announced that its members have approved a merger with OnPath Federal Credit Union.
Initially, Louisiana FCU will retain its name and operate as a division of OnPath, but the combined organization will ultimately adopt the latter name and serve more than 89,000 members with 15 Greater New Orleans branches. The credit union’s combined assets will exceed more than $1 billion.
“The partnership is rooted in shared values and a strong commitment to their members,” a spokesperson said in a press release. “Both credit unions hold a deep dedication to members, employees, and communities, as well as a common vision for the future of the combined organization. In a financial services sector that is constantly shifting, this merger represents a collaborative pooling of resources and talent.”
OnPath debuted in 1961 as ASI Federal Credit Union. It served employees of Avondale Shipyards. Before the merger, it operated 10 branches across four parishes with over 53,000 members.
Louisiana FCU was established in 1935 as the Norco Refinery Employees Federal Credit Union. Before the merger, it served more than 36,000 members statewide.
“I want to officially welcome Louisiana FCU members and employees to OnPath,” said Jared Freeman, president and CEO of the combined organization. “Through this merger, Louisiana FCU members will gain access to additional branches conveniently located in the New Orleans area. Additionally, this merger will help our already strong, healthy credit unions to be in an even better position to serve our members and future members now and into the future.”
“First and foremost I want to thank our board of directors, employees, and our members for their commitment to Louisiana FCU,” said Rhonda Hotard, president and CEO of Louisiana Federal Credit Union. “We are very excited that our members voted in favor of merging with OnPath. We look forward to continuing to grow together for the benefit of our members and the communities we serve.”
