The $55 million Eaton Family Credit Union in Euclid, Ohio has merged effective this month a former railroad credit union, the $2.1 million NYC Mercury Credit Union of Cleveland.
Fred Siegel, business development officer for Eaton, said NYC Mercury had consolidated another Ohio railroad-based credit union, Nickel Plate, in 2009. Eaton Family will now have approximately 13,000 members.
Founded in 1941, NYC Mercury had 700 members and one office in Cleveland's Tremont area and served employees of Norfolk Southern, CSX, Amtrak and other employers including Voss Industries.
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"NYC Mercury is typical of many small credit unions who have a hard time trying to compete," Siegel said. He said Eaton Family would continue to be open to other merger opportunities.
"We've been doing well with good capital, loans and we are an acquirer," said Siegel.
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