The $18.8 million Warren M.S.D. Federal Credit Union of Indianapolis has merged into the $1.4 billion Indiana Members Credit Union also in Indianapolis.
The merger took effect Aug. 1.
Like many small credit unions, Warren M.S.D. FCU has seen declines in loan revenue and net income. The credit union's loan income has fallen from $418,707 in 2008 to $275,933 in 2012, according to NCUA financial performance reports.
Though Warren M.S.D. recorded net income of $138,495 in 2008 and $17,521 in 2011, it posted net income losses of $5,096 in 2012, $10,346 in 2010 and $126,081 in 2009, show NCUA financial performance reports.
The credit union was chartered in 1965.
Warren M.S.D's sole branch remains open. Michael Thayer, former general manager/CEO of Warren M.S.D. FCU, is serving as its manager.
“We are certainly honored Warren M.S.D. Federal Credit Union chose to merge with IMCU,” said Ron Collier, president/CEO of Indiana Members Credit Union. “The 2,400 Warren members have been part of a successful credit union and we are pleased to have them as part of the IMCU family.”
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
