With mergers pending of two small Indiana credit unions, the new president/CEO of the $2.1 billion Teachers CU of South Bend forecast Tuesday more collaboration among both big and small credit unions across the U.S. in such areas as IT and insurance.
“In the months ahead I think you will see more synergy and working together in partnerships,” declared Paul Marsh, who took over in June as the head of Indiana's largest credit union, succeeding the retired Richard Rice.
While TCU remains open to mergers of small CUs “no matter where they might be,” credit union growth also can be found in working partnerships with other CUs on CUSOs, for instance, said Marsh.
In the remainder of 2011 and next year, there may also be future mergers or combinations of big and small CUs of which TCU might be a part, Marsh said without elaborating.
Last week, the NCUA approved mergers of two struggling Indiana CUs with TCU. Member approval, said Marsh, has been received for the $36 million Double Eleven CU of Indianapolis while a Nov. 17 vote is scheduled for the $12 million New Albany Schools FCU.
Double Eleven with 4,800 members had lost $588,000 in 2010 with a $141,000 loss continuing into the third quarter of 2011. New Albany Schools with 3,300 members had also lost $62,000 in 2010 but pared that to $15,000 for the first three quarters of this year.
In both cases, Double Eleven and New Albany had approached TCU regarding a merger deal and on both “it's working out well for us,” said Marsh, whose credit union now has about 262,000 members.
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