“After 75 years of serving our members and communities, LGE has built a legacy we are incredibly proud of.”
That’s how LGE Community Credit Union CEO Chris Leggett summed up the moment his institution’s merger with Ascend Federal Credit Union cleared its final hurdles. Regulators have signed off, and LGE members have voted yes.
The two member-owned credit unions will now become one, and the new organization will keep the Ascend Federal Credit Union name and its federal charter. Both sides describe their markets as complementary, meaning they don’t overlap much and should fit together without much friction.
The combined credit union at a glance
- Members: more than 390,000 across Tennessee and Georgia
- Assets: more than $7 billion
- Employees: roughly 950
- Branches: more than 40
- Leadership: Matt Jernigan, Ascend’s president and CEO, will run the combined organization. Leggett will stay on in an executive role.
What changes for members, and when
Not much will change right away. LGE will continue under its own name as a division of Ascend until the core system conversion is finished. That’s the behind-the-scenes technology that handles accounts and transactions, and it’s usually the trickiest part of any merger.
Jernigan framed the deal as a matter of shared values. “Ascend and LGE are a natural fit, with shared values, strong histories and a common commitment to putting people first,” he said. He added that the larger organization will have more resources to serve members, support employees, and strengthen the communities it calls home.
The two credit unions also expect the combination to improve long-term stability, let them share best practices, and help them support members across a wider footprint. Leggett said the merger lets LGE “carry that legacy forward” while opening up new opportunities for members and employees.
The timeline
The effective legal date is Jan. 1, 2027. Merger operations should wrap up by early 2028, so there’s a long runway between the paperwork and the finished product.
Between now and then, watch for announcements about the core system conversion, any updates to LGE branches and services, and how the two leadership teams divide their roles. LGE members should expect more communication as the conversion date gets closer.