Two Ohio-based credit unions, Pathways Financial Credit Union and Incenta Federal Credit Union, are set to merge on April 1.
Pathways Financial in Columbus said on Tuesday that the combined organization will have about $380 million in assets, 37,000 members and 14 branches in central and southwestern Ohio.
The $89 million-asset Incenta is based in Englewood and has several branches in the greater Dayton area. Most of Pathway Financial's branches are in the Columbus metro area.
The $290 million-asset Pathways Financial said that “operational integration” of the two credit unions will be completed “later this year.”
Incenta’s branches in Dayton, Springfield and Aberdeen will keep the Incenta name and operate as a division of Pathways Financial.
“The Pathways business model allows us to maintain our brand in the Dayton, Springfield and Aberdeen/Maysville markets,” Deborah Cadle, president and CEO of Incenta, said in a statement. “This was a very important consideration for our board and management team as we reviewed potential merger partners.”
Michael Shafer, CEO of Pathways Financial, who will retain his position, stated that this merger “will provide Pathways with a greater presence across the state of Ohio as we help support Incenta’s serving of the Dayton, Springfield and southern Ohio markets.”
After the merger closes, Cadle will join Pathways Financial as senior vice president and oversee the southwest Ohio region.
Pathways Financial earned about $3.1 million in 2018, a 148 percent surge from the prior year.
Meanwhile, Incenta recorded net income of about $186,100 in 2018, an almost 16 percent decline from the prior year.
