Kemba Financial, Core One CUs Talk Merger

COLUMBUS, Ohio – If the merger between Kemba Financial CU and Core One CU is finalized, Central Ohio will be home to one of the region’s largest CUs. According to Business First of Columbus, the $290 million Kemba Financial and the $132 million Core One are looking to close the merger deal by the third quarter. Once the deal is completed, Gerald Guy, president/CEO of Kemba will likely become the president of the new CU. Jeff Swartz, who has been CEO of Core One for 30 years, would retire. The CUs said the merger is being driven by their mutual desire to provide improved services to their members – Kemba Financial has about 39,000 members, and Core One has nearly 11,500. The deal would expand the market reach of both CUs, as well as increase their ATM and branch office networks and save money by streamlining operations. Guy said the two CUs fit well together geographically. Kemba’s branches are primarily on the north and east sides of Columbus, and Core One’s only city branch is on the west side of the city. Both CUs also operate branches outside Central Ohio. The CUs said they are not anticipating any job cuts or branch closings. However, due to some job duplications that will result from the merger, any job reduction would be handled through attrition. The merger still needs to be approved by the Ohio Department of Commerce and the NCUA, and Guy emphasized the merger still has a ways to go.