MIDDLETOWN, Ohio–Credit unions in Ohio and Wisconsin have announced mergers, with the Ohio combination also coming with a new brand.
In the Buckeye State MidUSA Credit Union and Kettering, Ohio-based Heartland FCU said they plan to combine and operate under the new name MyUSA Credit Union. The merged institution will have nine branches in the Miami Valley and with $350 million in assets.
The merger is to be effective July 1, with the credit unions saying it will provide an “expanded core of financial resources and services for both individual and business members alike.”
In addition, the merger will also provide increased insurance coverage of up to $500,000 per account, according to the CUs. Heartland CU is federally chartered; MidUSA is state-chartered, with deposit insurance provided by American Share Insurance.
James Miles, CEO of MidUSA, will serve as CEO.
“MyUSA Credit Union is the culmination of combined efforts between MidUSA and Heartland to develop a unique credit union team that has the strength, size and flexibly to meet member needs with the personalized service for which both credit unions are known,” Miles said. “Excellence is about matching needs with expert guidance and financial tools that truly make a difference for our members. The future is bright for our members, staff, and the communities we serve."
‘Unique’ Experience
Added Ron Huist, president and CEO of Heartland CU who will serve as president and COO of MyUSA, “I am equally excited about the benefits we will bring to our combined membership and the strength our partnership offers the communities we serve. With more offices, more ATM access, a strong product mix and the same staff that our members have come to know and trust, MyUSA offers a unique member experience covering personal finances, business needs, insurance and financial planning."
According to the credit unions, to “make the overall transition easier and less stressful,” the change to the MyUSA brand name will be gradual over time.
MidUSA Credit Union was originally formed in 1934 by a group of Armco Steel workers. Heartland Federal Credit Union began its life in 1935 as Dayton Telco Employees Federal Credit Union.
Merger in Wisconsin
Meanwhile, in Wisconsin, Royal Credit Union (Royal) and Peoples Choice Credit Union (PCCU) have announced plans to merge pending regulatory approval.
The $3.7-billion Royal CU, which has 239,000 members, will be absorbing the $51-million Peoples Choice in Medford, Wis., which has approximately 4,500 members.
“We recognized the opportunity that merging with Peoples Choice provides to bring Royal’s value proposition and community involvement to an area of Central Wisconsin that is a logical expansion because of its close proximity to our highly successful Colby branch,” said Royal President & CEO Brandon Riechers. “Royal is well-known and respected in the area, which is already familiar with credit unions and the value they bring to a community.”