Centra, Hoosier Hills credit unions to merge
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For the second time in as many months, Columbus-based Centra Credit Union has announced a merger. Centra and Hoosier Hills Credit Union in Bedford announced the move Tuesday, though the deal remains subject to regulatory and member approval.
The institutions said the combined credit union would have just over $3 billion in assets by the time the merger is complete.
Centra President and CEO Rick Silvers will remain in his role with the combined credit union, which will retain the Centra name. Hoosier Hills President and CEO Travis Markley will serve as chief experience officer.
Silvers said in a news release that the merger presents a “tremendous opportunity” for members of both institutions.
“The lack of redundancy in this partnership means all service centers of both credit unions will remain open and all team members will have a role in the unified organization,” Silvers said. “Together, the larger organization will be more nimble, proactive, and better able to introduce products and technological advances to meet members’ needs in an ever-changing market with greater impact than either could individually.”
The boards of directors from each credit union will be combined into one. Centra said board representation will be relative to each institution’s asset size and membership.
The move comes just over a month after Centra announced it was merging with NorthPark Community Credit Union, effective Jan. 1. Hoosier Hill previously merged with Dearborn County Federal Credit Union in Lawrenceburg in 2022.
Additionally, the combined credit union will establish advisory councils representing different geographic areas of membership.
The merger must still be reviewed and approved by the National Credit Union Administration and the Indiana Department of Financial Institutions, which is expected to take place in March. Members of each credit union will then be able to vote on the merger in the second quarter.
The credit unions expect to close on the merger by July 1.
Centra Credit Union is the sixth-largest credit union in the Indianapolis area with $2 billion in assets and nearly 193,000 members, according to IBJ research.