Ohio credit union merger takes effect
Two Ohio credit unions have finalized their merger.
Effective Tuesday, Standard Register Federal Credit Union in Dayton has merged into Columbus-based Pathways Financial CU. Before the combination, Standard Register had assets of $38 million and served 3,500 members. The two cities are roughly 70 miles apart.
The combined institution holds $492 million in assets and serves nearly 41,000 members.
Standard Register’s lone branch will operate under the Pathways Financial banner, and members of the merging institution will now have access to a wider branch network and enhanced electronic services as a result of the deal. Based on the credit union’s financial condition, eligible SRFCU members also received a one-time special dividend totaling $1.5 million prior to the merger’s effective date, based on year-end account balances from each of the last two full calendar years.
Pathways retained all Standard Register employees, according to a document announcing the merger.
“This merger is the beginning of a new era of opportunity for our members,” Standard Register President and CEO Michael Frankey said in a press release. “We’re happy to be part of it, and look forward to what the future will bring in terms of new products and services to help both current and prospective members in our community achieve their financial goals.”
Standard Register FCU posted a loss of more than $109,000 for the first half of 2020, according to data from the National Credit Union Administration. It lost nearly $19,000 during the first half of 2019.