Centra and NorthPark Community CU Members support merger

Members of both Centra Credit Union and NorthPark Community Credit Union voted in favor of a partnership that will merge NorthPark into Centra Credit Union. The two credit unions will legally merge as of January 1, 2024.

“I think this merger is a good thing for members. We keep all the benefits of being virtual, but add the branches and services of a larger credit union. And I’m thrilled that all the local employees can continue their outreach and community involvement,” a NorthPark Member said.

Centra will immediately begin work to reopen NorthPark’s two closed service centers in Zionsville and Lebanon, Ind. The two locations have been closed since 2019 when NorthPark began operating as a virtual-only credit union. After repairs and renovations take place, the Lebanon service center is expected reopen in the second quarter of 2024 while the Zionsville service center is expected 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.

“We are very excited about the partnership of two like-minded and like-missioned credit unions coming together to serve our members and communities with expanded resources, field of membership, and services. NorthPark will continue its focus on financial education as a vertical of Centra, serving the unbanked and underbanked in the community. We truly are stronger together,” NorthPark Community Credit Union CEO Carma Parrish said.

$43 million NorthPark Community Credit Union first announced its intent to merge with $2 billion Centra Credit Union in October 2023 after the Indiana Department of Financial Institutions (DFI) and National Credit Union Association (NCUA) approved the merger, pending Member approval. In the official reasons for the merger submitted with the merger application to regulators, NorthPark cited the merger as beneficial to its Members due to Centra’s expansive products, services, and experience, especially with home loans and wealth management services. Centra was interested in reopening NorthPark’s service centers and expanding the credit union’s award-winning financial inclusion program Onward. After NorthPark legally merges into Centra on January 1, Centra will begin work on both initiatives.

“NorthPark and the Onward program are making a truly meaningful difference for individuals who are unserved and underserved by traditional banks. 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,” President and CEO of Centra Credit Union Rick Silvers said.

Centra leadership anticipates that it will take around 12 months to fully integrate the two credit unions’ systems and operations, and Members of NorthPark can expect regular updates on the progress as well as any impacts to them.