When the NorthPark Community board approved Parrish's strategy to go completely virtual five years ago, Parrish closed branches in phases while informing its 4,704 members and educating them about virtual banking. By March 2020, the credit union became one of the few all-virtual financial cooperatives in the nation.

Carma Parrish

"I'll be totally frank with you, we grew too fast, and we ran out of liquidity," Parrish said.

Although loans increased by more than 3% in 2020, they fell to 4.8% in 2021. However, in 2022, when the Fed began increasing rates, the credit union's loans soared by more than 25% compared to the peer average of 12%, according to NCUA financial performance reports.

At the end of this year's first quarter, NorthPark Community's loans declined by more than 8%, but jumped up to 9% in the second quarter and marginally rose by 0.92% in the third quarter, NCUA financial performance reports showed.

What also hampered NorthPark Community was the fact that some loans went south. At the end of 2022, its delinquent loans and net charge-offs rose by more than 6%, up from 2% in 2021. Delinquent loans and net charge-offs stayed at more than 6% through the three quarters of this year, compared to the peer average of 1.36%, according to NCUA financial performance reports.

While NorthPark Community posted a net gain of $19,980 at the end of this year's first quarter, it recorded a loss of nearly $400,000 in the second quarter and closed out the third quarter with a loss of $970,682, NCUA financial performance reports showed.

"Where I miscalculated was the need for the loans outpacing the deposits in a rate environment like we've never seen in our lifetime," Parrish said. "It just compounded the problem."

Parrish also acknowledged that her life was completely consumed as the CEO of a small credit union and its many ongoing challenges.

"It just takes your whole being, your mental, your physical, your emotional – everything, even spiritual," she reflected.

Before deciding to merge, she met Centra's CEO, Rick Silvers, for lunch.

"He's been a mentor of mine for years, and when we were at lunch I just said, 'Rick, I'm tired. And I just don't think I can do this anymore,'" Parrish recalled.

But that doesn't mean she is tired of working in the credit union movement – she is looking forward to serving as Centra's new SVP of financial inclusion.

"It's a merger legally, but this really is just truly a partnership. And it's been wonderful," Parrish said. "Every step of it has been wonderful working with them. And they are beyond excited of what we're going to be doing together."

Centra will immediately begin work to reopen NorthPark Community's two closed branches in Zionsville and Lebanon. After repairs and renovations, the Lebanon location is expected reopen in the second quarter of 2024, while the Zionsville location is scheduled to reopen in the second half of 2024. Part of the renovations will include adding office space for mortgage lenders, financial advisors and business services experts.

Centra said in a prepared statement that in addition to reopening NorthPark Community's service centers, it plans to expand the credit union's award-winning financial inclusion program, Onward, after Jan. 1.

"NorthPark and the Onward program are making a truly meaningful difference for individuals who are unserved and underserved by traditional banks," Silvers said. "By reopening their service centers and expanding their financial outreach through Centra, we can live out our vision of creating value for the members, team members and communities we serve."

Earlier this year, NorthPark Community received its Juntos Avanzamos designation.

"We're excited," Parrish said. "We started down the path of serving the Latino market in August of last year, and it's been incredible to watch it explode."