The members of Munseetown Community Federal Credit Union are scheduled to vote next month on a plan to merge into First County Federal Credit Union.
Both institutions are located in Muncie, Ind., and the deal is the
The combined institution will hold about $30 million in assets and serve roughly 4,000 members.
In a notice to Munseetown Community members, the board of directors said the merger would help ensure continued access to financial services for members because First County is in a stronger financial position, can provide additional branch access on the city’s south side, can offer a broader array of products and services, and more.
The merger will see Munseetwon Community members gain access to additional deposit products, mortgage lending, and online and mobile banking. The credit union does not currently have a website.
All MCFCU members are expected to retain their jobs following completion of the merger with no added bonuses or additional compensation.
Third-quarter call report data from the National Credit Union Administration, the most recent information available, shows Munseetown Community lost more than $35,000 during the first nine months of 2020, compared to earnings of about $2,500 during the same period one year prior. Those losses were driven in part by a 13% dip in interest income and increased staffing costs.
A vote is scheduled for Feb. 15.
