Barn in field with Ohio written on wall Source: Shutterstock

Credit Union of Ohio announced Monday it will acquire the tiny Trumbull County Postal Employees Credit Union effective Wednesday.

TCPECU ($981,536 in assets, 149 members), founded in 1932, had just $48 in net income for the first six months of 2021 and no loan originations. Its net worth was $138,693 on June 30, with a 14.13% ratio that is twice the 7% the NCUA requires to be classified as “well capitalized.”

It was serving three-quarters of the 200 potential members through the post office in Warren, which is 15 miles northwest of Youngstown, and five miles northwest of Niles, where Credit Union of Ohio has a branch from its acquisition of First Choice Community Credit Union late last year, when it had 2,503 members and $20 million in assets.

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Jim DuPlessis

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