The $18.8 million Warren M.S.D. Federal Credit Union ofIndianapolis has merged into the $1.4 billion Indiana Members Credit Union also in Indianapolis.
|The merger took effect Aug. 1.
|Like many small credit unions, Warren M.S.D. FCU has seendeclines in loan revenue and net income. The credit union'sloan income has fallen from $418,707 in 2008 to $275,933 in 2012,according to NCUA financial performance reports.
|Though Warren M.S.D. recorded net income of $138,495 in 2008 and$17,521 in 2011, it posted net income losses of $5,096 in 2012,$10,346 in 2010 and $126,081 in 2009, show NCUA financialperformance reports.
|The credit union was chartered in 1965.
|Warren M.S.D's sole branch remains open. Michael Thayer, formergeneral manager/CEO of Warren M.S.D. FCU, is serving as itsmanager.
|“We are certainly honored Warren M.S.D. Federal Credit Unionchose to merge with IMCU,” said Ron Collier, president/CEO ofIndianaMembers Credit Union. “The 2,400 Warren members have been partof a successful credit union and we are pleased to have them aspart of the IMCU family.”
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