BEDFORD - JANUARY 17, 2024 - In an announcement on Tuesday Hoosier Hills Credit Union Bedford, Indiana and Centra Credit Union will merge that will be subject to member and regulatory approval.
Photo: Hoosier Hill Credit Union Bedford, Indiana will combine with Centra Credit Union Columbus, Indiana with a combined assets of $ 3 billion between the two the two institutions
Centra President and CEO Rick Silvers will remain as CEO and Centra Credit Union will keep its name.
Hoosier Hills President and CEO Travis Markley, will serve as chief experience officer.
The board of directors from both credit unions will combine into one. The board representative will be relative to the asset size and membership.
Centra merged with NorthPark Community Credit Union on January 1, 2024. Hoosier Hill Credit Union merged with Dearborn County Federal Credit Union in 2022.
The merger must be reviewed and approved by the National Credit Union Administration (NCUA) and Indiana Department of Financial Institutions. Members will then vote on the merger some time in the second quarter.
The Hoosier Hills Credit Union membership was notified on Tuesday.
The Hoosier Hill Members received the following message:
Dear Centra Credit Union Members,
Happy New Year, everyone! As we bid farewell to another year, the Centra Credit Union Board of Directors and I would like to thank you for the trust you place in us. We appreciate your Membership and hope this year brings health, happiness, and prosperity to you.
The Centra team and I look forward to continuing our vision of creating value for our Members, Team Members, and the Communities we serve! Our team remains Centered Around You and your financial goals.
We’re thrilled to announce an exciting opportunity to build an even more robust financial community. Strong, growing, and well-aligned in mission and purpose, Centra Credit Union and Bedford-based Hoosier Hills Credit Union recently entered into a definitive merger agreement.
As southern Indiana born and based financial institutions with similar origin stories (General Motors for Hoosier Hills and Cummins for Centra), both CEOs and executive leadership teams unanimously support this merger, and the Board of Directors for each credit union has unanimously approved a formal agreement to merge our two financial institutions, pending regulatory and Member approval.
Past board chair and longtime CEO, Loretta Burd also shared her support of the partnership, “This merger provides additional growth opportunities in new markets for Centra Credit Union. It demonstrates the continued commitment to provide products and services to all credit union Members.”
As incredibly hard-working, financially sound organizations, we will be Better Together, and our combined organization will bring our Members, Communities and Team Members MORE of everything there is to love about credit union banking after integration is complete:
38 full-service banking centers and 73 ATMs/ITMs across central and southern Indiana
Free access to more than 30,000 ATMs and 5600 credit union branches through the CO-OP Network
Checking account options including Cashback Checking and High Interest Checking
All-cash Member Loyalty Rewards deposited into an interest-bearing Member Loyalty Account*
End-to-end mortgage services and increased mortgage loan options
Enhanced wealth management and insurance resources including a larger team of experienced consultants**
Enriched suite of commercial banking options, including treasury management and deposit services, and agricultural lending products
Increased community support and outreach
First and foremost, rest assured that there will be no Centra Credit Union locations or Hoosier Hills Credit Union Service Centers closing and all Team Members will have a role in the unified organizations.
This means you’ll have More Placesto conduct your financial transactions and access your money, while enjoying consistent, knowledgeable, and friendly service from the Same Faces you know and have come to trust.
While this is no doubt an exciting opportunity, we understand this news might raise some questions in your mind. I assure you that more information will be coming in the weeks and months ahead. If you’re interested in learning more about this potential partnership in the meantime, please visit our dedicated webpage at Centra.org/more-places-same-faces, review our frequently asked questions, stop in to any Centra location, email us at email@example.com, or reach out to our friendly representatives at the Centra Contact Center by calling 800-232-3642.
We’re here to answer your questions, address your concerns, and keep you informed about this process every step of the way.
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