COLUMBUS, Ohio -
Now that the dust has settled on the January acquisition of Nationwide FCU by Nationwide Bank, it’s becoming clearer what was left in the aftermath of a deal that left former NFCU President Paula Edwards without a job, and former members wondering whether they would receive the same level of service from Nationwide Bank.
Prior to the merger, Nationwide FCU, established in 1951, was the largest credit union in Central Ohio with more than $523 million in assets and 44,000 members.
Despite the merger being a done deal, the NFCU website is still active, albeit operated under the Nationwide Bank flag until Feb. 23, 2008 when the two systems will be integrated. Until that time, the NFCU website operates like a hybrid of the two organizations.
Some 85% of the former credit union’s members chose to remain Nationwide Bank customers rather than seek a new credit union or other financial institution to bank with, according to Nationwide Bank Media Relations Manager Carah Brody.
“The bank has introduced new, enhanced capabilities and functionality including a new website, www.nationwidebank.com,” Brody said. However, at the time of writing, the website was not up and running.
‘Unique Customer Experience’
Brody added that all of NFCU’s former employees (with the exception of Edwards) have been retained by the bank and have simply moved operations across the street to Nationwide Bank headquarters. She said the bank has maintained pre-merger levels of service and is offering its customers competitive products at competitive rates.
“Nationwide Bank plans to offer a unique and interactive customer experience. The credit union’s foundation of strong customer service, combined with Nationwide’s significant resources and access to a wider customer base, will create a strong financial institution with a compelling competitive advantage,” said Anne Arvia, Nationwide Bank’s president.
Nationwide said it plans to continue to operate at existing NFCU locations, including banking centers in Columbus, Dublin and Des Moines, Iowa.
The website offers a new bank-sponsored program called the Associate & Agency Banking Program, which differentiates between different categories of checking account customers: Nationwide Associate, Nationwide Agent, Associate Nationwide Agent, Associate of a Nationwide Agent, Non-Associate or Family/Household Member.
In addition, the old NFCU website also offers a Holiday Club and Special Savings accounts using the same demographic categories checking account products.
An old credit union standby, the holiday club, is still being offered and pays 2.35% APY with a minimum balance of $5.
One can still apply for most of these products via the old NFCU website, however, if you attempt to apply for a loan, you are redirected to the Nationwide.Com website which offers insurance, investment and savings and loan products.
FOR MORE DETAILS
Pre-merger Post-merger
Assets $858M $1 billion
Members/ Customers 44,000 55,000
Source: NCUA, Nationwide Bank
