Akron Municipal seeks members' OK for merger, private deposit insurance
Akron Municipal Employees Credit Union is seeking members’ approval to merge into Towpath Credit Union in nearby Fairlawn, Ohio.
AMECU has just $6.4 million in assets and serves about 1,200 members, compared with $150 million in assets at Towpath. The deal would expand branch access for the former Akron Municipal members, along with providing credit and debit card services, mobile banking and mortgage loans.
Approval of the deal would also see AMECU drop federal deposit insurance. Towpath Credit Union is privately insured by American Share Insurance. All accounts will still be insured up to $250,000.
Members have until Dec. 1 to cast a ballot for or against the deal, and at least 20% of the total membership must participate in the voting process.
Akron Municipal Employees Credit Union posted a loss of nearly $70,000 during the first three quarters of this year, compared to earnings of more than $21,000 in the same period last year.