MENTOR, Ohio–Cardinal Credit Union said it absorbing three other credit unions in Northeastern Ohio via merger. The move will increase the credit union’s assets by 30% to approximately $239 million.
Cardinal is merging in Edison Financial Credit Union, Tri-County Credit Union, and Youngstown Ohio City Employees CU, all based in Mahoning County, Ohio. The credit unions told Crain’s Cleveland Business that the ongoing costs of compliance, technology and service compounded by a low-interest rate environment all contributed to the need to merge.
Christine Blake, CEO of Cardinal Credit Union, told Crain’s Cleveland that the credit unions have been operating in partnership for some time and that merger discussions have been going on for approximately a year.
The privately insured Cardinal CU will have approximately 30,000 members at the completion of the mergers.