In a deal recognizing the legacy of a retired Columbus, Ohio,credit union leader, Tom Furrey, a trio of state CUs is developinga merger pact described as “strategic in nature.”

All of the details on a management agreement and the plannedmerger of the $65 million Western CU of Columbus into the $60million Powerco CU, also of Columbus are to be spelled out in thecoming week, officials said.

“The identity of the third credit union will be made knownshortly,” promised Michael Shafer, president of Powerco, whodeclined for the moment to elaborate on what he called an “unusual”consolidation.

Both Western and Powerco are “financially healthy” he saidnoting negotiations on that merger have been under way for morethan a year.

For the interim until the proposed merger is implemented, Shaferhas agreed to serve as president/CEO of Western following the Dec.31 retirement of Tom Furrey, currently chairman of the Ohio Credit UnionLeague's foundation and a long-time league director.

Furrey and Shafer have known each other for years swapping jobs.Furrey was CEO at Powerco for 11 years, from 1981 to 1992, andShafer worked at Western for 10 years from 1989 to 1999. Furreyheaded Western CU for the past 20 years and has played an industryrole for 38 years.

“Synergy between the two individuals and the two credit unionsis quite unique,” said a press statement. Western hasbranches in Columbus, Delaware and Plain City. Powerco has oneoffice.

Shafer has been CEO of Powerco for the past 12 years. Furreywill serve as a consultant to Western “during the next year inareas that are strategic in nature,” the statement said.