ELKHART, Ind.–Members of Fort Financial Credit Union have rejected a proposed merger into INOVA Federal Credit Union. In a statement, Fort Financial said will now continue “operating independently and move forward with its existing strategic plan.”
As the CU Daily reported here in September, the $371.1-million Fort Financial Credit Union in Ft. Wayne had been seeking to merge into INOVA FCU in Elkhart, Ind. IFCU reported $655-million in assets at year-end, down from $677 million when the merger was announced. Inova Federal posted a $688,333 loss for 2025, with capital at 8.12%.
Fort Financial had $4.1-million in net income at year-end. The two credit unions are approximately 67 miles apart.
An Unusual Statement
As the CU Daily also reported here, Fort Financial’s merger statement to members included an unusual statement from a credit union seeking to merge, when it said it has estimated there will be a “reduction of over $280,000 per year in fees for our members with this merger.”
Voting Results Will Not be Released
Lyndee Warner, vice president of marketing with Fort Financial, said in an email response to the Journal Gazette that the exact vote by membership would not be disclosed.
As the CU Daily reported earlier, plans for the merger were announced in August 2025, with the credit unions saying they had a “shared commitment to exceptional member service, financial empowerment, and community values.”
Fort Financial Credit Union members would also benefit from “more robust resources,” including new technologies and a broader network of branches and ATMs as a result of the combination, the organizations said.
Second Rejection of a Merger
The vote by members of Fort Financial is the second time in recent months CU members have voted against a merger. In December, members of the $70-million Spirit Financial Credit Union in Pennsylvania voted against merging into the $2.2-billion, Lombard, Ill.-based Credit Union 1. Had the merger been approved it would have meant a more than $4-million payout to its CEO, as the CU Daily reported here.
