Members Choice Federal Credit Union in Bloomington, Ind., and Indianapolis-based Indiana Members CU have agreed to merge.
The deal has been approved by regulators and the boards of both institutions but is still subject to a member vote at MCFCU.
The deal will expand Indiana Members’ reach in the state, adding two branch locations and $15 million of assets, along with about 2,200 members from MCFCU.
“The increasing costs of labor, compliance, information security and technology have made it more difficult to compete in a crowded market, provide expanded competitive services to the members, while achieving longer term financial stability,” read a notice from Members Choice board Chairman Toby Prince. The deal will provide those members with the same levels of service, he added, along with, “expanded staffing and lobby hours, additional human and financial resources to serve the members, and fund longer term growth and viability within the Bloomington market.”
Indiana Members serves about 138,000 members with assets totaling nearly $2.7 billion. It is the state’s second-largest credit union, according to the National Credit Union Administration.
Members Choice's two locations will be converted to Indiana Members branding and added to that institution’s network of more than 30 branches across the state. All existing MCFCU employees are expected to be offered positions at Indiana Members and CEO Lori Gonzalez will become its Bloomington market vice president. All non-executive employees from Members Choice will be offered a 10% retention bonus, along with other benefits. Pay increases at the executive level vary by position.
A member vote to approve the deal is scheduled for April 28.
Members Choice FCU earned nearly $61,000 last year, up from earnings of just $202 in 2019.
