CINCINNATI—Two credit unions that share the same building-and a family connection-plan to merge.
Cincinnati Central Credit Union and Communicating Arts Credit Union will merge and create a new CU with a new name and identity.
Both CUs' boards have approved the deal, which is expected to be completed by April. NCUA and the state regulator still need to approve the merger.
The $60 million Communicating Arts' one location on Western Avenue is housed in the same building as the main office of Cincinnati Central, which has four branches.
But that isn't all that the CUs have in common.
Communicating Arts' chief executive Catherine Herring, who has worked for the CU for 30 years, is the sister of William Herring, chief executive of the $95 million Cincinnati Central.
Both will retire after the merger is completed and will remain as consultants for two years. Kathy Haas, chief operating officer of Cincinnati Central, will become chief executive of the merged credit union.
Both CUs' roots go back to the Herrings' mother, Louise Herring.
She took part in founding Cincinnati Central in 1937 and Communicating Arts in 1940 and was the latter's chief executive for more than 30 years.
She helped form about 500 CUs and was known as the "mother of credit unions."
