Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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.


RSS print
News Now LiveWire
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
10 hours ago
.@CUNAMutualGroup has committed $35K to @trustdotcoop over the next year to suppor the future of #creditunions.
11 hours ago
.@madison_mag gets the cooperative scoop from @SummitDoMore's @kimsponem http://t.co/RxSCeSegie
11 hours ago
.@VantageWestCU emeritus chairman Whittaker inducted into @DCUC_HQ Hall of Fame http://t.co/dpeP4ME49U
13 hours ago
Australian newspaper covers Gen Y tips from @ServusCU at @WOCCU conference http://t.co/xqmLfZVwaI
14 hours ago