Columbus-based Centra Credit Union is planning to merge with Bedford-based Hoosier Hills Credit Union in what company officials are calling “one of the most significant credit union partnerships in the state of Indiana to date.”
The merger would give the combined credit unions more than $3 billion in assets, with Centra holding just over $2 billion already and Hoosier Hills bringing $900 million to the merger. The combined credit unions would continue under the Centra name and Centra President and CEO, Rick Silvers, will remain in those roles in the combined Credit Union.
Hoosier Hills President and CEO Travis Markley will serve as Chief Experience Officer of the unified credit union. The Board of Directors from each credit union will combine into a single board. The combined credit union will also establish advisory councils to represent its geographic areas.
Silvers said the combined union can “choose the best aspects of each credit union to build a stronger and more agile” partnership.
The merger must still be approved by the National Credit Union Administration and the Indiana Department of Financial Institutions. That is expected to take place by March. Then a vote of the credit union members will be made in the second quarter. The goal is to complete the merger by July 1st.
Centra was created in 1940 and Hoosier Hills in 1969. The combined credit unions will have 38 service centers for its members.