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Indiana credit score unions ProFed, East Allen to merge | Credit score Union Journal

Two Indiana-based credit score unions have gotten one. 

East Allen Credit score Union in New Haven and ProFed Credit score Union in Fort Wayne plan to mix later this 12 months. The merger has obtained regulatory approval, however it’s awaiting a vote by East Allen Credit score Union members, the businesses stated.

Pending that approval, the deal is predicted to shut in the beginning of October.

“ProFed has thought of getting into the New Haven marketplace for a number of years, and this partnership with EACU made this achievable,” ProFed President and CEO Nina Baker stated in a press launch. “I’m excited to supply a spread of monetary services to assist enrich the lives of EACU’s members.”

Baker will lead the mixed group.

The businesses stated the merger will add a variety of monetary services, expanded hours and department areas to East Allen Credit score Union’s practically 1,600 members. 

The $19 million-asset East Allen Credit score Union has been in operation since 1965.  

With $646 million of property, ProFed has been in operation since 1933 and has 12 branches all through 9 counties in northeast Indiana. EACU has one department in New Haven, and it’ll function as a department of ProFed after the merger closes.  

ProFed earned roughly $2 million within the first six months of 2022, an 18% lower from a 12 months earlier, in keeping with name report knowledge from the Nationwide Credit score Union Administration. 

East Allen earned $4,480 within the first half, an 88% lower in contrast with the primary six months of 2021.

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