Fortera Plans To Merge With Life Credit Union In Order To Establish A Partnership Of 69,000 Members


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Comserve Inc.

Aug 10, 2020, 10:00 EST


Bronx, United States, Aug 10, 2020, 10:00 /Comserve / -- Fortera Credit Union, headquartered in Clarksville, is preparing a merger with Life Credit Union. This partnership will help Fortera Credit Union to add 4,300 members and USD 37 million to its funding.

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Clarksville, Tenn., August 7, 2020: Fortera Credit Union, headquartered in Clarksville, is preparing a merger with Life Credit Union. This partnership will help Fortera Credit Union to add 4,300 members and USD 37 million to its funding. The agreement is expected to be finalized in the year 2021 owing to the approval of the regulatory authorities and the members. Life Credit Union will act as a Fortera affiliate and the alliance will have about USD 680 million in assets. Moreover, it will serve more than 69,000 participants in the Nashville, Clarksville and Hopkinsville area of Kentucky.

The planning of integration process started many years earlier when Life Credit Union CEO, Pam Tenpenny announced she had a plan to retire in the year 2020. Firstly, they were uncertain to employ a CEO or merge with a separate credit union. After a lot of study, debate and thought, the board of directors decided that merging was the best option for Life Credit Union. The board of directors of the Life Credit Union approached many credit unions as future partners. It was vitally important for the company to select a partner credit union with the same core values. Fortera Credit Union was the final choice for Life Credit Union as they have an open and casual nature that provides unique personal service and perspective from people. Their affordable, casual nature provides unique personal service and insight from people to whom you can relate and trust. They are renowned for finding ways to help individuals achieve their aims in the face of financial hurdles.

Partnership with Fortera Credit Union provides the funds and stability of a leading financial institution to the members of Life Credit Union, while remaining true to the people of Life who help people mission. Life Credit Union aims to get the regulatory approval process finished by 1 January 2021.  

About Fortera Credit Union:

Fortera, headquartered in Clarksville was founded in 1954 and since then it has grown from servicing the Fort Campbell Army post to a full-service financial cooperative covering Montgomery and Stewart counties of Tennessee and also the counties of Christian, Trigg, and Todd in Kentucky. Furthermore, Fortera has over 64,000 members all over the world with an asset value of over USD 640 million.

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