Centra Credit Union and Hoosier Hills Credit Union unveiled their intention to merge, marking one of Indiana’s most significant credit union partnerships to date. The formal merger agreement has been executed, pending approval from regulators and both credit unions’ members.
Columbus-based Centra Credit Union, boasting approximately $2.06 billion in assets, plans to merge with Bedford-based Hoosier Hills Credit Union, which holds around $880 million in assets. The unified entity will retain the Centra Credit Union name, projecting over $3 billion in assets post-merger. Rick Silvers, Centra’s President and CEO, is set to lead the combined organization.
The merger aims to preserve service centers and roles for all team members, emphasizing increased agility and the ability to introduce innovative products. Hoosier Hills President and CEO Travis Markley will become the Chief Experience Officer, with a single Board of Directors representing both credit unions.
The partnership, subject to approval from the National Credit Union Administration (NCUA) and the Indiana Department of Financial Institutions (DFI), targets a legal merger date of July 1, 2024. Members will vote on the merger proposal in the second quarter of 2024.
The merger is expected to enhance services, rewards, and community support for the unified credit union and its members.
