Two strong credit unions announce intent to merge

This partnership will create significant value for our Members. Our mission and vision are aligned, and we believe that together, the new, unified Centra Credit Union will allow us to deliver on our collective mission with greater impact, while offering more benefits and greater value to Members, Team Members, and Communities than either organization could individually.

Hoosier Hills Credit Union (HHCU) is a not-for-profit financial cooperative with humble roots originating in the breakroom of a General Motors Foundry in Bedford, Indiana. HHCU is a full-service financial institution which operates ten (10) service centers in southern Indiana and northern Kentucky. Founded in 1969, Hoosier Hills has grown to over $880 million in assets and serves over 36,000 members by providing a wide array of personal and commercial loans, savings, wealth management, and insurance services. Decisions are made locally, and personal service is a primary focus. The mission of Hoosier Hills Credit Union: to be better for our members by making a positive difference in their lives and in the communities we serve.

Members of both credit unions will enjoy many benefits under the unified Credit Union after integration:

• 38 full-service banking centers and 73 ATMs/ITMs across the combined footprint
• Free access to over 30,000 ATMs and 5,000 credit union branches through the CO-OP shared network
• Competitive checking account options including Cashback Checking and High Interest Checking
• Free, high interest Member Loyalty Accounts tied to consumer checking that earn all-cash rewards*
• End-to-end mortgage services and increased mortgage loan options
• Enhanced wealth management and insurance resources and a larger team of experienced consultants**
• Enriched suite of commercial banking options, including treasury management and deposit services, and agricultural lending products
• Increased community support and outreach

You can find many more details on the benefits of this partnership here.

Yes! Centra Credit Union and Hoosier Hills Credit Union are both federally insured by the National Credit Union Administration. After the partnership is complete, each Member will be federally insured up to $250,000, which is backed by the full faith and credit of the federal government through the NCUA. As Hoosier Hills has offered in the past, the unified Credit Union will also continue to provide Excess Share Insurance (ESI) which brings an additional $250,000 of protection to personal accounts per individual at no additional cost.

All service centers will remain open. In fact, once the partnership is approved and the integration of the two credit unions is complete, Members will have access to all 38 full-service locations of the new, unified Centra Credit Union, as well as 73 ATMs/ ITMs. Centra is also part of the CO-OP ATM Network and Shared Branch Network, giving Members access to more than 30,000 free ATMs and more than 5,000 free service center locations across the country. For more information on the Shared Branch Network, click here.

Yes! We appreciate your Membership and are thankful for the trust you’ve placed in us and the relationship we’ve built together. Your Membership and satisfaction are of utmost importance to us now and will continue to be in the future. We are presenting this partnership opportunity to you after what has been a significant and careful evaluation. After significant due diligence, discussion, and investigation, we know Hoosier Hills is a likeminded Member and community-centric organization whose Team Members and leadership truly care about their Members. In fact, enhancing Member experience has been a primary goal in Centra’s last two strategic plans. We believe this partnership will only serve to enhance your relationship and Member experience.

Yes, in a very positive way! The Field of Membership for Centra and Hoosier Hills will be combined, meaning more people will be eligible for Membership. You can see the combined Field of Membership here.

Just as it is today, the satisfaction, experience, and financial well-being of our Members and Communities will continue to be our primary focus as a unified Credit Union. Since no Service Centers are closing due to this merger, and all Team Members will continue to have a role in the unified organization, you can rest assured knowing you will have More Places to conduct your financial transactions and access your funds, while enjoying the consistent, knowledgeable, and friendly service you’ve always had, from the Same Faces you know and have come to trust!

We understand you may have questions about how this partnership will impact you and your banking relationship. For now, nothing is changing with your loans, accounts, and other banking services such as digital banking or direct deposits. After the merger process is complete in July, we will begin the 18-24 month-long work of integrating our credit unions. Both credit unions are working together diligently to understand all potential impacts to our Members and ensure the transition is as smooth as possible for you. One of the great parts of this partnership is that we can choose the best products, services and programs from both organizations to offer our Members. As decisions are made and integration moves forward, we will send you frequent and detailed communications about any changes.

First, both the NCUA and DFI must provide regulatory approval of the proposed merger. Then, Members of both credit unions will have the chance to vote on the partnership. If Members vote to approve the partnership, the targeted legal date of the merger is July 1, 2024. After a positive member vote, we will begin working together to integrate and onboard Hoosier Hills Members and Team members into the new, unified Centra Credit Union, keeping an excellent, streamlined Member experience as our primary focus throughout integration and beyond. Integration is expected to take 18-24 months, but rest assured that we will keep Members well informed every step of the way!

Rick Silvers will continue to serve as President and CEO of the new, unified Centra Credit Union after the partnership with Hoosier Hills Credit Union is complete. Travis Markley, the current President/CEO of Hoosier Hills, will join Centra as Chief Experience Officer, with all other Executive and Senior leadership being retained to continue to guide the combined organization. Hoosier Hills and Centra have worked together to find the right roles for all Hoosier Hills Team Members and Leaders in the unified organization. Remember, More Places, Same Faces!

We worked diligently to find a partner who shares our values and priorities – one who puts Members first, just like we do today. We hope you will see the value in being part of the new, unified Centra Credit Union and can envision all the benefits this partnership will bring to you and your community. We are and will remain a Member-owned organization, and as such, you have the right express your voice by casting your vote.

You will receive a notice this spring with more details on how you can vote on the proposed partnership. Please be sure to login to digital banking, call us at 800-232-3642 or visit your local branch to ensure your contact information is up to date.

Absolutely! You can open accounts, add new services, and apply for new loans throughout this entire process.

Yes! One of the major benefits of the partnership is our ability to offer new and expanded services to our Members. For instance, Centra brings unique mortgage loan options and an enhanced, end-to-end mortgage experience as well as expanded wealth management services. Hoosier Hills brings expansive insurance offerings and agricultural lending. The new, unified Centra will feature the best of both organizations.

We will be sharing updates on this partnership through various channels which may include email, this webpage, Service Center postings, letters, phone calls, or notices in your account statements. Please don’t hesitate to reach out with questions at any time by calling 800-232-3642 or by emailing [email protected]. To ensure you receive prompt communication, please verify that we have the most up-to-date email address, phone number, and mailing address on file for you.