Service One CU to Take Over Two MidWest FCU Branches
The agreement comes as MidWest FCU decides to exit the Kentucky market.
Officials with the Bowling Green, Ky.-based Service One Credit Union stated the credit union entered into a partnership agreement with MidWest America Federal Credit Union, headquartered in Fort Wayne, Ind., to take over its two Kentucky branches this summer.
In Wednesday’s announcement, officials stated Service One ($216 million in assets, 14,866 members) will assume ownership of MidWest America branches in Scottsville and Hopkinsville, located in southwestern Kentucky. The two locations will cease operating as MidWest America on Friday, July 29.
According to MidWest America ($799 million in assets, 55,319 members), the Scottsville location was the first out-of-state branch for the credit union and opened in 1999. The Hopkinsville branch came from the credit union’s acquisition of Reliable Federal Credit Union in 2006.
In a statement from Service One CEO Rebecca Stone, the partnership agreement is a strategic move for both credit unions. “Our desire to expand our member service commitment into this area of the state coincided with MWAFCU’s decision to exit the Kentucky market,” Stone said. “We are excited to welcome the MWAFCU staff and membership to our SOCU family.”
The president/CEO of MidWest America, Greg Mohr, said, “We were determined to find a partner who was committed to our staff as well as our members. We were pleased to find SOCU with their track record of service to their associates and membership, and their community involvement through educational scholarships, donations, and contributions to various civic and non-profit organizations,” he added.
According to information provided by Service One, credit union associates will travel to the two new branches early next month to help current members open deposit accounts with Service One.
“We pledge to make it easy for our new members to feel comfortable by making the transition as seamless as possible. We look forward to meeting our new members and introducing them to an exciting lineup of deposit accounts and services,” Stone said.