FORT WAYNE, Ind. – Specialty FCU, a one-time $9 million credit union serving steel manufacturing employees, is being merged into $180 million Fort Financial CU.
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Specialty, which has been run down to $4.4 million and had losses of $108,000 for 2008 and $328,000 for 2009, has net worth of just 4%. It was chartered in 1953 to serve employees of what then was known as Slater Steel Corp.
The credit union has lost about half its membership since Slater Steel declared bankruptcy and closed its Taylor Street operation at the end of 2003.
Fort Financial, which had a $37,000 loss for 2009, was chartered in 1947 and formerly was known as Dana FCU.
The merger was approved by NCUA.
