The $3.5 million Lima Ohio Postal Employees Federal Credit Union in Lima, Ohio, will merge with the $26.8 million TopMark Federal Credit Union also of Lima on Oct. 1.
Following the merger, Connie L. Arthur, president/CEO of Lima Ohio Postal Employees FCU, will retire after 19 years of service, according to a letter to TopMark FCU members about the merger.
The merger has received regulatory approvals and Lima Ohio Postal Employees FCU members voted to approve the consolidation Aug. 13, according to TopMark FCU.
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Like many very small credit unions, Lima Ohio Postal Employees has had financial challenges. The credit union has posted declines in loan, fee and investment income over the past few years and recorded a total net income loss of more than $93,000 from 2009 to 2012, according to NCUA financial performance reports.
Lima Ohio Postal Employees, chartered in 1936, served 504 members.
Chartered in 1963, TopMark FCU serves 5,967 members.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
