The combined credit union would retain the Centra Credit Union moniker, according to a joint release late Tuesday announcing the deal. Centra CU has nearly $2.1 billion of assets, while Hoosier Hills CU has about $900 million of assets. The merged institution would serve southern and central Indiana, including Greater Indianapolis.
Rick Silvers, president and CEO of Centra CU, would retain his titles and lead the combined institution.
"Together, the larger organization will be more nimble, proactive, and better able to introduce products and technological advances to meet members' needs in an ever-changing market with greater impact than either could individually," Silvers said in the release. "The lack of redundancy in this partnership means all service centers of both credit unions will remain open and all team members will have a role in the unified organization."
The deal would mark the second merger of 2024 for Centra CU. The institution earlier this month finalized its combination with the $43 million-asset NorthPark Community Credit Union in Indianapolis.
Hoosier Hills President and CEO Travis Markley would serve as chief experience officer of the merged credit union. He echoed Silvers in touting the importance of scale.
"Once discussions began, it became immediately apparent that together, we could do so much more for our members and communities than either of us could individually as credit unions," Markley said in the release. "The new, unified organization will bring new and expanded products, services and rewards to all members as well as increased community support."
The credit unions said they targeted July 1 as the legal date of the merger, which needs regulatory and credit union member approvals.
Both organizations said they submitted applications to the National Credit Union Administration and the Indiana Department of Financial Institutions for reviews expected to commence in March. Members of both credit unions are slated to vote on the proposed merger in the second quarter.
Edelman & Co. was financial advisor and Krieg DeVault legal counsel to Centra CU. Piper Sandler was financial advisor and Luse Gorman legal counsel to Hoosier Hills.
