FAIRLAWN, Ohio – Towpath Community CU said it has agreed to merge with Towpath CU in nearby Akron to create a $119 million credit union serving 21,000 members.
Both credit unions are insured by ASI Inc., of Dublin, Ohio.
The two credit unions began discussions 13 months ago. The merger took effect June 1 but is being officially announced today, though members of both credit unions have known the merger was coming.
The credit union will retain the Towpath name because it more accurately reflects its membership, officials said. Towpath, which has about 12,500 members, has its roots in the Akron teachers union, while TeleCommunity, which had 9,000 members, has its roots as the credit union for the old Consolidated Freightways trucking company.
