Two Indiana-based credit unions are becoming one.
East Allen Credit Union in New Haven and ProFed Credit Union in Fort Wayne plan to combine later this year. The merger has received regulatory approval, but it is awaiting a vote by East Allen Credit Union members, the companies said.
Pending that approval, the deal is expected to close at the beginning of October.
"ProFed has considered entering the New Haven market for several years, and this partnership with EACU made this achievable," ProFed President and CEO Nina Baker said in a press release. "I am excited to provide a range of financial products and services to help enrich the lives of EACU's members."
Baker will lead the combined organization.
The companies said the merger will add a wide range of financial products and services, expanded hours and branch locations to East Allen Credit Union's nearly 1,600 members.
The $19 million-asset East Allen Credit Union has been in operation since 1965.
With $646 million of assets, ProFed has been in operation since 1933 and has 12 branches throughout nine counties in northeast Indiana. EACU has one branch in New Haven, and it will operate as a branch of ProFed after the merger closes.
ProFed earned roughly $2 million in the first six months of 2022, an 18% decrease from a year earlier, according to call report data from the National Credit Union Administration.
East Allen earned $4,480 in the first half, an 88% decrease compared with the first six months of 2021.
