The Boards of Directors of San Antonio Water System Federal Credit Union (SAWS FCU) and Generations Federal Credit Union (Generations FCU) have announced their intent to merge. The merger was approved by SAWS FCU members at a special meeting on Tuesday, September 9, 2014 and had previously been approved by the National Credit Union Administration (NCUA).
“When we began to consider a merger, we knew we wanted to provide our members access to the same services they would expect from the larger banks and credit unions, but at the same time, we wanted them to retain the personalized and detailed service they have come to expect from our credit union,” said Veronica Godley, Board Chair of SAWS FCU. “Generations is the perfect combination of both. After meeting with their senior team and discussing philosophies, we know they share the same dedication to community and the membership that we’ve held for 56 years.”
SAWS FCU was founded in 1958 to serve employees of San Antonio Water System. Since that time it has grown to a credit union with $2.7 million in assets and nearly 1,100 members. The credit union is currently headquartered at the SAWS Building located at 2800 U.S. Highway 281 in San Antonio.
Generations FCU was founded in 1940 and has more than $500 million in assets, 48,000 members and 14 branches across the community. In addition to an expanded portfolio of both consumer and small business products, SAWS FCU members will have access to 55,000 surcharge-free ATMs nationwide, 5,000 shared branching locations, deposit by phone and the ability to access their accounts through mobile device or computer. The merger is expected to be complete as of Tuesday, September 30, 2014.
“We are honored by the faith that SAWS FCU has placed in us through this merger and look forward to welcoming them as Generations members. For nearly 75 years, our credit union has been a trusted advisor to our members and to our community, providing them with the tools they need to be financially successful. We look forward to bringing that same level of expectation and dedication to our newest members,” said Steve Schipull, President and CEO of Generations FCU.