LIMA — First Choice Credit Union, of Coldwater, and Superior Credit Union, of Lima, have announced plans to combine their operations.
Under the arrangement, First Choice Credit Union will integrate its $16 million in assets and 2,000 members with Superior, which has $630 million in assets and 63,500 members. The combined organization will operate as Superior Credit Union.
The deal will provide members of First Choice Credit Union access to Superior’s 14 area branch locations and its wider array of financial products and services. Meanwhile, Superior members will gain full service access to First Choice’s branch location in Coldwater, with a new branch facility to be built in the near future.
Before members vote on the tentative merger, the boards of both credit unions have to approve the proposal. Approval from state and federal regulators is needed, as well.