LAWRENCEBURG, Ind.–Dearborn County FCU said it plans to seek a member vote on a merger into Hoosier Hills Credit Union in Bedford, Ind. In addition to the approval of members, the combination also requires regulatory OK.
The $16-million DCFCU told Inside Indiana Business the merger will provide its nearly 2,000 members with more services and branches. The $831-million Hoosier Hills CU has nine branches in southern Indiana.
“I’m proud that Dearborn County Federal Credit Union is financially strong and healthy and providing great service to our members,” said Katee Goodpaster, CEO of Dearborn County FCU in a statement to Inside Indiana Business. “Because it has become more difficult to absorb the increasing costs of compliance, information security and technology, we voluntarily made the strategic decision to find a long-term partner with a similar culture and philosophy around member service, employee engagement and community involvement. After a thorough evaluation of potential partners, we selected Hoosier Hills Credit Union.”
Travis Markley, CEO of Hoosier Hills Credit Union, will lead the combined credit union as CEO. Goodpaster will become vice president of operations for the Lawrenceburg service area.
“We are delighted to be the chosen partner for Dearborn County Federal Credit Union,” said Travis Markley, CEO of Hoosier Hills Credit Union, in a statement. “Our goal is to carry on the proud heritage of Dearborn and to expand upon their current strengths, as well as bring additional strengths, services, and convenience to both the existing and future members in the community. Everyone wins with this merger – Dearborn County Federal Credit Union, Hoosier Hills Credit Union, our members and the communities served by both organizations.”
The credit unions have not yet provided their disclosure statement to members to NCUA.
DCFCU reported $3,603 in net income for the first quarter. HHC posted $1.44 million in net income as of March 30.