Two Small Ohio Credit Unions to Merge

Credit Union of Ohio announced Monday it will acquire the tiny Trumbull County Postal Employees Credit Union effective Wednesday.

TCPECU ($981,536 in assets, 149 members), founded in 1932, had just $48 in net income for the first six months of 2021 and no loan originations. Its net worth was $138,693 on June 30, with a 14.13% ratio that is twice the 7% the NCUA requires to be classified as “well capitalized.”

It was serving three-quarters of the 200 potential members through the post office in Warren, which is 15 miles northwest of Youngstown, and five miles northwest of Niles, where Credit Union of Ohio has a branch from its acquisition of First Choice Community Credit Union late last year, when it had 2,503 members and $20 million in assets.

TCPECU has only three part-time employees, including its manager, Walter Nolan.

“Our members are extremely excited about having access to new banking solutions, checking accounts and mobile banking products that weren’t available before. Our TCPECU community is grateful to be joining forces with Credit Union of Ohio,” Nolan said.

Credit Union of Ohio ($193.4 million in assets, 21,000 members) is based in the Franklin County city of Hilliard, on the northwest edge of Columbus. The credit union has four credit unions in the county. It serves state employees in all of Ohio’s 88 counties and the entire community of Franklin, Fairfield, Cuyahoga, Trumbull and Mahoning Counties.

President/CEO Rich Capuano has led Credit Union of Ohio since 2006.

“In today’s economic climate, together is better when it relates to building strong financial options for our members and their communities,” Capuano said. “Credit Union of Ohio is eager to continue to build beneficial partnerships throughout our state to better serve our membership.”

Last year, Credit Union of Ohio had net income of $254,935, or 0.16% of its average assets, down from 0.27% in 2019. ROA in this year’s first half was 0.01%, down 7 basis points. It originated $11.6 million in loans in the first half, up 43.8% from 2020’s first half.