Bank To Acquire CU
COLUMBUS, Ohio - (06/16/06) -- In the first deal of its type,Nationwide Bank, a subsidiary of insurer Nationwide FinancialServices, announced plans Friday to acquire its $525 millionemployee credit union, Nationwide FCU, for $79 million. The creditunion has agreed to the deal and is planning to seek member andregulatory approval. Plans call for the bank to pay the funds intocredit union members' accounts on a pro rata basis according todeposit accounts as of March 31. Nationwide FCU offices andoperations are housed within the insurer's Columbus offices.Nationwide FCU was chartered in 1951 and is the largest creditunion in central Ohio. Though they are not related, it is thesecond large roll-up of an insurer-sponsored credit union launchedthis spring as State Farm Insurance was recently cleared to combine12 of its credit unions into a $3 billion credit uniongiant.