LIMA — Superior Credit Union is absorbing Cincinnati-based CINCO Family Financial Center CU in a merger.
CINCO Family Financial has $117 million in assets and 11,500 members, while Superior has $720-million in assets and 67,000 members.
In a statement, the credit unions said that once the combination is complete members of CINCO will gain access to Superior’s 14 Ohio branch locations and its wider array of financial products and services. Meanwhile, Superior members will gain full-service access to CINCO’s two branch locations in Cincinnati.
“We realized that by combining operations, our members could benefit greatly from the products and services that Superior already has in place,” said Mark Schweinfurth, CINCO CEO. “CINCO members will still see the same faces they have grown to know over the years, but now they get more products to go along with them. This is definitely the right move for our membership.”
The merger, which has received regulatory approval, is to be finalized by Oct. 31.
In a statement, Phil Buell, president and CEO of Superior Credit Union, said the arrangement will benefit members of both institutions.
“In credit unions, consolidation is done for the sole purpose of benefiting members,” Buell said. “This is a decision to combine assets and provide additional services to the membership. We feel that adding locations in Cincinnati will complement our other branches throughout the state. Our goal is always to provide our members with the best service at the most convenient locations.”