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News Now

CU System
Three Ohio CUs combine will keep brands
COLUMBUS, Ohio. (1/31/12)--Three Columbus, Ohio, credit unions have announced a merger under which each will maintain their respective brands, facilities and staffing.

The credit unions are $64 million asset Western CU, $60 million asset Powerco CU and $50 million asset Members First CU.

Michael Shafer, current CEO of Powerco, will serve as CEO of the combined entity. Greg Kidwell, treasurer and CEO of Members First, will serve as president. Western's CEO, Tom Furrey, retired Dec. 31 and will remain as a consultant during the transition.

The merger still must be approved by the Ohio Division of Financial Institutions.

"In this partnership, the individual brands of each credit union will be preserved and the excellent work that each credit union has accomplished in their respective communities will continue and thrive under this partnership," said Kidwell.

"Together we have a combined total of 83 years of credit union management experience, and we each share a common vision and foresight as to the benefits that this partnership will bring to each of our respective credit unions," he said.

The credit unions have been exploring the partnership for three years, Furrey said.


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