FORT WAYNE, Ind.–Two Indiana credit unions have announced their intent to move.
The $19.1-millionEast Allen Credit Union is seeking to merge into the $645.5-million ProFed Credit Union in Fort Wayne. The credit unions reported they have received regulatory approval and the merger will now depend on a vote by members of East Allen CU.
In a statement, ProFed Credit Union said the merger will add a wide range of affordable financial products and services, expanded hours, convenient branch locations, and more to East Allen Credit Union’s nearly 1,600 members.
Those additions include 24/7 digital banking services and mobile features, extended call center and lobby hours, a “new personal way to bank with video teller machines,” and more than 36,000 + more surcharge-free ATMs to access across the country.
According to ProFed Credit Union, if the merger is approved it will expand its reach into the New Haven, Ind., which is approximately seven miles east of Fort Wayne.
Branch to Get Makeover
ProFed said the New Haven branch “will retain many of the same familiar staff members, but members should anticipate a future new look with plans to start construction shortly after completing the acquisition to bring the look and feel up to date with other current ProFed branches.”
The new branch will bring to 13 the number of branches in its network.
As of mid-year, East Allen CU, which was founded in 1965, reported $4,480 in net income during the first half of the year, with capital of 7.90%. ProFed, founded in 1933, reported $2.052-million in net income and capital of 9.5%.
“ProFed has considered entering the New Haven market for several years, and this partnership with EACU made this achievable,” said President and CEO Nina Baker. “I am excited to provide a range of financial products and services to help enrich the lives of EACU’s members.”
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