Credit unions in Dayton, Ohio and Springfield, Mass. have announced their plans to merge.
Effective Sept. 1, St. Helen Federal Credit Union in Dayton, Ohio will merge into $63 million-asset Dayton Firefighters Federal Credit Union.
St. Helen FCU had 684 members and assets of more than 2.8 million as of June 30, 2018. Dayton Firefighters FCU has about 5,200 members.
Dayton Firefighters FCU was chosen as St. Helen FCU’s merger partner because of the “extensive products and services, advanced online access and shared branching” that they offer.
Dayton Firefighters FCU plans to retain St. Helen FCU’s current employees and its existing branch location.
"We are excited to merge with Dayton Firefighters Federal Credit Union,” said Amy Comer, CEO of St. Helen FCU. “Our members have been asking for expanded services and we can now offer full-service financial products.”
Thomas L. Newton, president and CEO of Dayton Firefighters FCU, stated: "We look forward to providing a full range of deposit and loan products to the members joining the [Dayton Firefighters FCU] family from [St. Helen FCU]. After data processing systems are combined, we will be able to provide financial services to the members at both Dayton locations.”
St. Helen FCU posted a net loss of about $26,000 in the first half of 2018, after recording a net loss of about $19,000 in 2017.
Dayton Firefighters FCU posted net income of about $203,000 in the first half of 2018, after recording net income of about $260,000 for all of 2017.
Mass. merger
Separately,
Freedom CU has about 28,000 members, while West Springfield FCU has nearly 3,000 members.
All employees of West Springfield FCU will become part of Freedom CU, while West Springfield FCU’s location will remain open at 58 Union St. and conduct business as Freedom CU.
“This is a tremendous opportunity to extend our products and services to West Springfield, an area where we do not have a branch but where many of our members live and work,” said Glenn Welch, president and CEO of Freedom CU. “We promise our members accessibility to us, whether it’s at a branch location or through mobile banking. This merger delivers on that promise.”
Welch added that West Springfield FCU members will have access to many new products and services including member business lending, use of 55,000 surcharge-free ATMs across the Allpoint Network and mobile banking products and services.
“The additional products, services, and opportunities available to both our members and the employees who serve them is a win-win proposition,” said Ann Manchino, manager of West Springfield FCU.
Subject to regulatory and member approvals, the proposed merger is expected to close by the end of 2018.
Freedom CU posted net income of about $1.96 million in the first half of 2018, after recording net income of about $3.89 million in 2017.
Meanwhile, West Springfield FCU incurred a net loss of about $9,900 in the first half of 2018, after recording a net loss of about $59,000 for all of 2017.
