TOLEDO, Ohio–Two northern Ohio credit unions have merged. The $120-million Education Plus Credit Union is merging into the $745-million Directions Credit Union.
With the merger, Directions Credit Union has become the sixth-largest credit union in Ohio with assets of approximately $864 million and is the state’s third-largest by membership with more than 100,000.
The credit unions said the merger will allow them to offer more products, services, support new technology advances, and expand its branch network.
“We are excited to welcome Education Plus members and offer them new services like first mortgages, the ability to close auto loans and leases at the dealership, an expanded offering of business loans and services and access to a larger branch network,” said President Barry Shaner.
Denise Fox, president of Education Plus Credit Union, is retiring, but will continue in a consultative role to assist in the completion of the merger.
Several Education Plus board members have joined the Directions board of directors and the management teams of the two credit unions will continue in place.
The data conversion will be complete by Oct. 1.
Education Plus Credit Union was founded in 1957 as Monroe County Teachers Credit Union.