COLUMBUS, Ohio – Three local credit unions – Western CU, Powerco CU and Members First CU – plan to combine operations in a rare three-way merger to create an entity with $175 million in assets and about 25,000 members.
Under the deal, each credit union will maintain its own brand, facilities, and staff, and Mike Shafer, president of Powerco, will work as CEO. Western’s CEO Tom Furrey, who retired Dec. 31, will remain as consultant during the transition and assist with business consolidation activities.
The three credit unions said the “increased level” of resources “will enable us to be extremely competitive, provide more opportunities for our employees, improve operational efficiencies, and will allow us to provide expanded products and services to our members.”
“We have been exploring and discussing the potential and the benefits of this partnership concept over the past three years,” said Furrey. “In today’s competitive market, our boards and management teams are pleased to be aligning with other strong and like-minded credit unions under this partnership that share a similar vision and dedication to provide superior financial products and service to our members.”
