Banking

Two Ohio credit unions set to merge by end of October

First Choice Community Credit Union in Niles, Ohio, has agreed to merge into Credit Union of Ohio in Hillard.

The deal should provide the roughly 2,500 members of the $20 million-asset First Choice with access to Credit Union of Ohio’s mobile app, credit cards, financial coaching and home equity loans. First Choice has one branch and serves eight cities in Trumbull County.

The $159 million-asset Credit Union of Ohio has four branches in central Ohio and serves state employees and Cuyahoga, Franklin and Fairfield counties. After the merger, its membership will increase to almost 23,000 and its assets will tick up to about $175 million.

“We look forward to this new partnership that provides a win-win for both credit unions. The new members we are welcoming through the merger will have access to more convenient products and services, while our many members in the area will now have a physical branch to visit,” said Rich Capuano, Credit Union of Ohio’s CEO said in a press release on Friday.

The merger is expected to be completed on Oct. 31.

Credit Union of Ohio lost about $21,000 through Sept. 30, compared with earning roughly $388,000 for the same period a year earlier, according to call report data from the National Credit Union Administration.



 

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