Partners 1st Merger
The $236 million Partners 1st Federal Credit Union of Fort Wayne, Ind., will be adding to its footprint next month when it merges with the nearby $2 million Food Marketing FCU.
Food Marketing, formed in 1935 to serve the 750 members of a grocery distributor, asked for the merger, said a spokesman for Partners, which like Food Marketing is headquartered in a Fort Wayne industrial park. Food Marketing lost $54,000 in 2009 and has recorded small losses through the first half.
Partners began talking with Food Marketing management and board earlier this year. It has already started hiring Food Marketing employees, including Marcia Kessler, its manager who will become an operations teller officer.
David Fleming, Partners 1st president/CEO, said in a statement, "We gladly welcome all of their members into our credit union family." Partners currently has 30,000 members. The merger is effective Oct. 1.