FT. WAYNE, Ind.–In separate proposals, credit unions in Indiana and Maryland are looking to combine.
In Indiana, two CU have announced plans to merge and create what would create a combined CU with more than $1 billion in assets.
The $358.6-million Fort Financial Credit Union in Ft. Wayne is seeking to merge into the $677.8-million INOVA FCU in Elkhart, Ind. The two credit unions are approximately 67 miles apart.
Fort Financial, which has 24,176 members, had $1.65 million in net income as of June 30, with net worth of 11.48%. Inova FCU, which has 47,328 members, posted a mid-year loss of $805,074 and net worth of 7.89% as of the same date.
INOVA Financial would be the surviving brand if the merger gets the members’ OK.
In a statement, Steve Collins, president and CEO, Fort Financial Credit Union, said the merger will help his organization build on what it has already been providing members.
The statement indicated that all employees would retain their jobs and that all branches would remain open.
The Leadership
Dallas Bergl of INOVA Federal Credit Union will serve as CEO of the combined organization and Steve Collins of Fort Financial Credit Union will be president.
The merger is expected to be finalized in early 2026, pending regulatory approval and a vote by Fort Financial’s membership. Fort Financial was chartered in 1946 as Salisbury Axle FCU and then later renamed as Dana Corporation FCU.
INOVA Federal Credit Union was established in 1942, originally chartered to serve the employees of Miles Laboratories.
Merger Proposed in Maryland
Separately, in Maryland, the $968-million Point Breeze Credit Union in Hunt Valley and the $43.3-million Central Credit Union of Maryland in Baltimore said they are seeking to merge.
Point Breeze, which has approximately 66,500 members, had $2.45-million in net income and net worth of 13.60% as of mid-year. Central CU of Maryland, which has approximately 4,600 members, posted net income of $168,891 and net worth of 11.69% as of the same date.
In a statement, the credit unions said the partnership is designed to enhance member value and expand convenient access to services, adding, “The proposed merger brings together two member-focused credit unions with shared values and a commitment to personalized, community-based service.”
‘Creating More Value’
“This merger is about creating more value and convenience for members,” Tonia Niedzialkowski, president and CEO of Point Breeze CU, said in a statement. “Together, we can offer more locations, better rates, and enhanced digital tools—all while maintaining the friendly, personalized service that makes banking less complicated.”
“We’re excited about the future and what this partnership means for our members,” added Lisa Jester, president and CEO of Central Credit Union of Maryland, in a statement. “This is a win-win that positions us to grow together.”
If members of Central CU vote in favor and regulators sign-off on the combination, the merger is anticipated to be completed by January 2026.
