An unusual three-way merger in the same community – Columbus,Ohio – is taking shape as the three credit unions, Western CU,Powerco and Members First, form a $170 million consortium.
|Discussions on the deal have been under way for months withregulatory paperwork already being submitted to the agencies on twoof the merger partners, WesternCU and Powerco. The addition of the $52 million MembersFirst CU was formally announced Friday.
|“We do look at our merger as a unique partnership since we willkeep the individual brands” as a division of the surviving CU, saidPowerco President/CEO Michael Shafer, the designated CEO of thecombined CUs.
|Shafer said he realizes individual brand retention “is not a newthing” but we remain “excited about doing something a littledifferent in combining very similar size credit unions in creatinga solid future for our members.” Powerco has $62million in assets and Western has $60 million.
|A new name for the combined CU will be selected “in the thirdquarter,” he said.
|In the meantime, Shafer is serving as interim CEO of Westernfollowing the Dec. 31 retirement of its veteran manager, TomFurrey.
|Under a restructuring, Greg Kidwell, current treasurer and CEOof Members First, will become president of the combinedorganization, said Shafer. Members First has 6,900 members.
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