Home Banking Two Ohio credit score unions set to merge by finish of October

Two Ohio credit score unions set to merge by finish of October

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First Alternative Group Credit score Union in Niles, Ohio, has agreed to merge into Credit score Union of Ohio in Hillard.

The deal ought to present the roughly 2,500 members of the $20 million-asset First Alternative with entry to Credit score Union of Ohio’s cell app, bank cards, monetary teaching and residential fairness loans. First Alternative has one department and serves eight cities in Trumbull County.

The $159 million-asset Credit score Union of Ohio has 4 branches in central Ohio and serves state staff and Cuyahoga, Franklin and Fairfield counties. After the merger, its membership will enhance to virtually 23,000 and its belongings will tick as much as about $175 million.

“We stay up for this new partnership that gives a win-win for each credit score unions. The brand new members we’re welcoming by means of the merger may have entry to extra handy services and products, whereas our many members within the space will now have a bodily department to go to,” Wealthy Capuano, Credit score Union of Ohio’s CEO, stated in a press launch Friday.

The merger is anticipated to be accomplished on Oct. 31.

Credit score Union of Ohio misplaced about $21,000 by means of Sept. 30, in contrast with incomes roughly $388,000 for a similar interval a 12 months earlier, based on name report knowledge from the Nationwide Credit score Union Administration.

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