Members of the Main Street Financial Federal Credit Union have approved a merger with Jefferson Financial Credit Union.
Main Street Financial, formerly LA DOTD FCU, has one office each in Baton Rouge, Denham Springs and Livingston and two in Lake Charles. Main Street will change its name to Jefferson Financial CU on Jan. 1, the company said in a news release. The merger is expected to be completed within months.
Main Street Financial was founded in 1939. It has $94.5 million in assets and 14,964 members, according to a 2011 annual report on its website.
All its locations will remain open and employees will remain, the company said.
Chartered in 1966, Jefferson Financial Credit Union is a $280 million financial institution with more than 33,000 members and nine locations. It has three offices in Metairie and one each in Jefferson, Harvey, Kenner, Marrero, St. James and Gretna.
“Main Street Financial is excited about joining with Jefferson Financial,” said John Lyon, chairman of the board for Main Street Financial. “We believe this is the best fit for our members because of Jefferson’s continued growth.”
He said benefits of merging with Jefferson Financial include new products and services; greater access to new technology; and a larger and stronger credit union to better compete in the financial service market.