Hubbard joined UFCU
in 2013 and has served as a teller and a member service advisor.
's focus on the employee has driven turnover to just 6 percent in the Arkansas region, well below national turnover rates of between 15 and 22 percent.
According to UFCU
, this is the first time that a federally chartered credit union has purchased the assets of a state-chartered, FDIC-insured mutual savings bank.
DIFS placed UFCU
into conservatorship on February 23, 2018 after it discovered unsafe and unsound practices.
employees are your friends, neighbors, and family members," said Market Vice President Noel Sanger.
Under the terms of the transaction, UFCU
has acquired all loans, investments, real estate, accrued interest receivables, and other banking-related assets of GSB with an estimated value of around USD80m, and assumed all deposits, Federal Home Loan Bank advances, and accrued interest payable of around USD80m.
The existing branch will be replaced by a new building on the same property and the corporate headquarters will be expanded and improved to house UFCU
s growing workforce.
O'Rourke said he gained respect for UFCU
's staff and operation during a recent due diligence process when UFCU
and Lake Michigan Credit Union were looking to merge last year.
"Both LMCU and UFCU
intend to seek the right external opportunities for growth and expansion that will provide greater value to their respective members," the credit unions said in their joint statement.
employs 33 of its 493 total employees from two branch offices in Fort Smith and one in Van Buren.
"Both the UFCU
board and LMCU board were unanimous in their approval of this merger.
Marean was a teacher at Reno High School in 1949 when he and handful of fellow educators formed the credit union, which became Clear Star Credit Union before joining UFCU