Community One Credit Union of Ohio, a $76 million institution based in North Canton, Ohio, is set to acquire Canton Police & Firemen's Credit Union, effective June 30.
Community One President and CEO Evelyn Canterbury will retain her position in the combined organization.
The merger had already been approved by both the National Credit Union Administration and the Ohio Department of Commerce’s Division of Financial Institutions.
According to
Community One representatives said no layoffs or branch closures are anticipated as a result of the merger, and that employees will retain their benefits.
While there are no plans to increase fees charged by the credit union, Community One noted that “any changes that are made will be done in the best interest of the majority of our combined membership.”
Nancy Roudebush, president of Canton Police & Firemen's, will serve as a director on Community One’s board, a Community One spokesperson told CU Journal.
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Roudebush cited that when she retired as general manager/CEO 15 years ago, the credit union had $7.5 million in assets with 1,345 members. Today it has approximately $8.1 million in assets and 1,300 members.
“Our membership base is strong, but the potential for growth just isn’t here,” she continued. “Those of you who use us for full service banking want and deserve to have access to the services that you need. Unfortunately, as a small credit union, we do not have the funding or staffing available to offer all of those services.”
Canton Police & Firemen's posted negative net income for the last two years (a loss of $73,000 in 2015 and a loss of nearly $62,000 last year) and is more than $9,000 in the red so far this year.
Community One posted net income of about $332,700 in 2016, after posting net income of $276,800 the prior year.
