Members of Columbus Metro Federal Credit Union are set to vote next month on a proposal to merge with Telhio Credit Union.
Both institutions are based in Columbus. CMFCU holds $255 million of assets and serves about 17,000 members, compared with Telhio’s $958 million of assets and 57,000 members.
As part of the merger, Columbus Metro members will have access to more products, including commercial loan services and additional mortgage products, along with 14 branches, according to a notice sent to CMFCU members.
“Both credit unions share similar philosophies and a commitment to a high level of service,” the notice said. “Aside from the benefits of an increased branch network and access to new products [and] services, members should see very little change during the transition. All staff members employed by CMFCU will continue to be employed by TCU.”
Timothy Richey, CEO of Columbus Metro, will enter a new executive agreement as part of the merger, which will see his salary increase slightly and the introduction of indirect benefits, such as a car allowance and other perks valued at less than $600 per month, according to the notice. Richey will also receive vested retirement benefits as part of the deal, receiving about $66,000 per year for two decades once he reaches the age of 65.
Several staffers at the credit union will also receive payouts as a result of a policy change from the merger. Telhio does not permit staff members to carry over unused leave, so Richey and four other managers will receive payouts for any unused time off once the deal is completed. Payouts range from between $11,000 to nearly $136,000, for a total of more than $297,000 among five employees.
Columbus Metro earned about $176,000 during the first three quarters of 2020, down from more than $752,000 during the same period last year. The decrease was driven in part by increased staffing costs and declining interest and noninterest income.
