Baton Rouge-based Pelican State Credit Union, which has assets valued at $519 million, has acquired First Castle Federal Credit Union in a merger that closed on the first of the month, the credit union announced today.
First Castle, which has assets valued at $69 million, has 5,814 members and three branches, which are now part of the Pelican organization. First Castle was founded in 1934 to serve the Corps of Engineers New Orleans District and is the second-oldest federally chartered credit union in the U.S. First Castle has branches in Covington and Slidell and serves all employees of the corps’ New Orleans location.
Pelican currently serves 55,563 members and has 300 employees across Louisiana. This is the credit union’s 13th and largest acquisition to date.
