The more than half dozen U.S. credit unions all with historic links to Eaton Corp., the Cleveland-based manufacturer, are one less this month following a merger between Ohio and Illinois CUs.
The latest to merge is Eaton Employees CU of Lincoln, Ill. whose new parent, the $40 million Eaton Family CU of Euclid, Ohio expects no further shrinkage in the Eaton group "as long as those credit unions are serving their members in a way that meets their needs."
Michael Losneck, president/CEO of the 11,000-member Eaton Family in Euclid, said he has long had "partnership" arrangements with other small Eaton CUs in Iowa, Colorado, Minnesota and Nebraska but merger talks have never progressed far since "the basic philosophy of serving the members seems to be working."
But the consolidation this month of the $1 million Eaton Employees in Lincoln is a different story since its management saw the advantage of "more convenient products and services."
Other CUs with ties to Eaton, a Fortune 500 firm with 70,000 worldwide employees and a diversified producer of hydraulic power gear, include in Iowa, the $2.2 million Eaton Employees CU of Spencer and the $1.1 million Eaton Employees of Shenandoah.
In Minnesota there is the $2.2 million Eaton Employees CU of Eden Prairie and in Colorado, the $400,000 Eaton Employees CU of Denver. The $9 million Kearney Eaton Employees CU is in Kearney, Neb.