Regulators Approve $7B Ascend-LGE Merger; Member Vote Begins
By CU Today Staff —
MARIETTA, Ga.— The proposed merger of LGE Community Credit Union and Ascend Federal Credit Union has received regulatory approval, clearing the way for LGE members to decide whether to approve a combination that would create a credit union with more than $7 billion in assets.
LGE told members Sept. 22 that voting is now underway and will conclude Nov. 9, when the credit union will hold a special meeting. The NCUA also lists Nov. 9 as the date of the member vote. Approval requires a majority of the LGE members who cast ballots.
As CUToday.info previously reported in April, the merger would combine Tullahoma, Tenn.-based Ascend, with more than $4.7 billion in assets, and Marietta, Ga.-based LGE, with approximately $2.3 billion. At the time, the credit unions said the combined organization would serve more than 390,000 members and employ approximately 950 people. LGE now says the combined credit union would operate 45 branches across Georgia and Tennessee.
If members approve the deal, the target legal merger date is Jan. 1, 2027, with LGE becoming a division of Ascend and full systems integration targeted for the first quarter of 2028. The combined institution will operate under the Ascend Federal Credit Union name. Ascend President and CEO Matt Jernigan will lead the organization, while LGE President and CEO Chris Leggett is expected to remain in an executive role.
Originally reported by CU Today.