More Consolidation In Indiana As Beacon CU Acquires DeKalb Financial CU
FT. WAYNE, Ind. – In a merger of two credit unions chartered during the Great Depression, Beacon CU, the privately insured $710-million credit union, said it has agreed to acquire DeKalb Financial CU, a $92-million credit union based in nearby Auburn, Ind
Beacon, formerly known as Wabash County Employees CU, will be the surviving institution in the merger, scheduled for completion Aug. 1.
In addition to lending to farmers, DeKalb Financial makes mortgage, consumer and commercial loans.
The combined operation will include 21 branches in 10 counties, including Allen, DeKalb, Huntington, Kosciusko, Steuben and Wabash counties. DeKalb Financial’s 36 employees will join the Beacon staff for a combined total of more than 220 workers.
Beacon, chartered in 1931, was originally called the Wabash County Farm Bureau CU and changed names in 2002. DeKalb Financial, chartered in 1932, was called the DeKalb County Farm Bureau Cooperative CU.