APCO Employees Credit Union & Atlanta-Based Mutual Savings Credit Union Announce Official Merger

Merger Marks Significant Industry Move for two Utility-Focused Financial Institutions

Birmingham, Ala. (January 6, 2025) – As of January 1, 2025, APCO Employees Credit Union (APCO) based in Birmingham, Alabama, and Mutual Savings Credit Union (Mutual Savings) based in Atlanta, Georgia, have announced the official approval of a merger as voted with overwhelmingly positive support by the Mutual Savings membership. The merger demonstrates both Credit Unions’ commitment to continue serving employees of Southern Company and its affiliates.

“The merger of Mutual Savings Credit Union into APCO Employees Credit Union represents an ideal partnership as we both have strong financial foundations and have shared values and approaches to serving our memberships,” Derrick Ragland, APCO President and CEO, stated. “This partnership is a proactive step to capitalize on our strengths and aligned missions as we build for the future and create a unified financial experience for employees of Southern Company.”

By merging Mutual Savings with APCO’s 85,000 members, 28 branch locations, and over $3 billion in assets, the combined Credit Union will provide economies of scale to offer the collective membership competitive products, benefits, and enhanced digital options. “I’m honored to welcome Mutual Savings Credit Union members and employees to the APCO Employees Credit Union family,” stated Ragland. “The Mutual Savings branch in Atlanta will continue to be staffed with the same dedicated team, providing members exceptional service, and those members will now enjoy access to five other Atlanta-area APCO branches.”

“This merger signifies opportunity to ensure long-term sustainability with another Southern Company-affiliated credit union,” Mutual Savings CEO Rusty Moon said. “By joining together with APCO, our members will have access to enhanced customer service, great rates on deposit accounts and loans, as well as greater technology.”

Effective January 1, 2025, Mutual Savings Credit Union now operates as Mutual Savings Credit Union, a division of APCO Employees Credit Union, and both credit unions will work together towards a full systems conversion expected to be completed in 2025.

 

About APCO Employees Credit Union
Founded in 1953, APCO Employees Credit Union has grown to become the second largest credit union in Alabama, and the largest state-chartered credit union in the state, with over $3 billion in assets. We proudly serve 85,000 members through 28 Credit Union branches across Alabama, Georgia, Mississippi, our Digital Banking platform, and through more than 5,000 Credit Union Service Centers located throughout the nation. Visit APCO Employees Credit Union online at www.apcocu.org.

About Mutual Savings Credit Union
Established in 1933, Atlanta-based Mutual Savings Credit Union has over $70 million in assets and more than 5,000 members. Mutual Savings serves members through a branch in Midtown Atlanta, a Digital Banking platform, and through more than 5,000 Credit Union Service Centers located throughout the nation.

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