The $269,122, 505-member Mt. Olivet Federal Credit Union in Columbus, Ohio has merged into the $485 million, 45,875-member Telhio Credit Union also of Columbus.
“By merging with Mt. Olivet, we’re proud to help preserve a long-standing institution in the African-American community,” said Robert Myles, senior vice president of lending and asset protection for Telhio. “It was a natural fit to merge with such a highly respected credit union that has served central Ohio for so many years, much like Telhio has.”
Like many tiny credit unions, Mt. Olivet has been struggling financially with declining loan, investment and fee income over the last five years, according to NCUA financial performance reports.
Members of Mt. Olivet FCU approved the merger in May.