Mentor, Ohio-based Cardinal Credit Union on Monday said three credit unions from the Buckeye State's Mahoning County have merged into Cardinal CU.
Cardinal currently serves 30,000 members, with total assets of $240 million, according to the American Share Insurance website. The credit union said the merger of the three CUs – Edison Financial Credit Union, Tri-County Credit Union and Youngstown Ohio City Employees Credit Union – will broaden its field of membership to anyone in Mahoning, Lake, Cuyahoga, Geauga, Ashtabula, Portage, Summit, Trumbull and Columbiana counties.
According to Cardinal CU, the three smaller credit unions wanted "to leverage the strength, stability and security of a larger cooperative." The three institutions "are now a vital part of the Cardinal family of credit unions," it said in a statement, adding the strategic partnerships were "forged for the betterment of all institutions – to provide members with greater access, value and service."
"We are immensely pleased to call the Youngstown area home," said Christine Blake, Cardinal CU's president and CEO. "The regional expertise of the three merger partners will help us deliver a new standard of excellence in financial service to the people of Youngstown."
Credit union officials said the three smaller CUs "are convinced that a stronger, unified organization will better position them to manage the challenges" associated with aggressive competition, evolving compliance mandates and the necessity for growth.
"Strength leads to sustainability," said Blake, "a critical asset that is good for everyone."
The three smaller CUs said they now will offer expanded services, enhanced products, greater access and "state-of-the-art technologies that rival any bank."
