Centra, NorthPark credit unions to merge
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Members of Columbus-based Centra Credit Union and NorthPark Community Credit Union in central Indiana have voted in favor of a merger between the two institutions.
Centra announced Tuesday that, effective Jan. 1, NorthPark will merge into Centra, and plans are in place to reopen two of NorthPark’s previously-closed service centers.
NorthPark bills itself as the first and only virtual credit union in the country. The institution, which dates back to 1933, went virtual in 2019 after closing its service centers in Zionsville and Lebanon.
“We are very excited about the partnership of two like-minded and like-missioned credit unions coming together to serve our members and communities with expanded resources, field of membership, and services,” NorthPark CEO Carma Parris said in a news release. “NorthPark will continue its focus on financial education as a vertical of Centra, serving the unbanked and underbanked in the community.”
NorthPark announced its intention to merge with Centra in October after receiving approval from the Indiana Department of Financial Institutions and National Credit Union Association.
Once the merger is official, Central plans to begin repairs and renovations of the two NorthPark service centers, which will include adding office space. The Lebanon location is slated to reopen in the second quarter, while the Zionsville center is expected to open in the second half of 2024.
The full integration of the two credit unions is expected to take about 12 months to complete.
“By reopening their service centers and expanding their financial outreach through Centra, we can live out our vision of creating value for the members, team members, and communities we serve,” Centra CEO Rick Silvers said.
Centra said NorthPark has about $43 million in assets. Centra itself is the sixth-largest credit union in the Indianapolis-area with $2 billion in assets, according to IBJ research, and employs more than 400 people.
Founded in 1940, Centra has 26 branch locations throughout central and southern Indiana, as well as Jamestown, New York and Whitakers, North Carolina.