Statement as issued Friday by Fort Financial Credit Union:
FORT WAYNE, IN – August 10, 2012 – Fort Financial Credit Union, headquartered in Fort Wayne, IN, and Financial Members Federal Credit Union, located in Auburn, announced today they have received regulatory and membership approval to merge.
Fort Financial Credit Union, formerly Dana Federal Credit Union, operates a branch in Auburn. They have approximately $180 million in assets, and serve over 40,000 members with 11 full-service branch locations. Financial Members Federal Credit Union serves the community charter of DeKalb County and holds approximately $4 million in assets.
According to Steve Collins, FFCU’s President & CEO, the merger will provide members with improved product offering and technologies that will improve the likelihood of long-term development in membership. The tough economic times, increased regulation burdens and the need to expand services to the membership have created a strong need for merger partners.
The merger will be finalized on August 24, 2012. Financial Members Federal Credit Union will close its location at 307 E Ninth Street, Auburn, and their members will become Fort Financial members. All loans and deposits will be immediately available that next morning at any of the 11 Fort Financial branch locations or over 4,000 nation-wide shared branch locations. All the remaining employees from Financial Members will be relocating to the Auburn branch of Fort Financial, at 1302 S. Grandstaff, Auburn, IN.
Fort Financial Credit Union exists today because of multiple mergers of smaller credit unions that believed they could provide better products and service to the membership if they combined efforts. Established in 1947, Fort Financial has endured as a stable and sound financial institution.