FORT WAYNE, Ind. — Members of the $371-million Fort Financial Federal Credit Union have voted down a proposed merger with the $655-million INOVA FCU—the second credit union merger to be called off by a member vote in the past two months.
Fort Financial confirmed that its membership rejected the combination with Elkhart-based INOVA and that the credit union will instead “operate independently and move forward with its existing strategic plan.” A spokesperson said the institution would not disclose the exact vote count or margin of defeat, the Journal Gazette reported.
The two credit unions announced their intent to merge last August, a deal CUToday.info previously described as a planned $1-billion combination that would have operated under the INOVA name. Leaders at the time argued the pairing would give Fort Financial members access to better technology, more branches and ATMs, and deeper resources while preserving local service.
Board chair Jeff Leichty had said last year that the merger would strengthen member benefits and expand access to digital tools and delivery channels. The transaction had been expected to close in 2026, subject to both regulatory approval and a member vote.
Fort Financial, founded in 1946, serves more than 24,000 members. INOVA, founded in 1942, serves more than 47,000 members. The decision ends months of planning and mirrors a recent industry setback in Pennsylvania, where Spirit Financial CU members in December also rejected a merger with a much larger institution.