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Two strong credit unions announce intent to merge

Centra and Hoosier Hills

Dear Centra Credit Union Members,

Happy New Year, everyone! As we bid farewell to another year, the Centra Credit Union Board of Directors and I would like to thank you for the trust you place in us. We appreciate your Membership and hope this year brings health, happiness, and prosperity to you. The Centra team and I look forward to continuing our vision of creating value for our Members, Team Members, and the Communities we serve! Our team remains Centered Around You and your financial goals.

We’re thrilled to announce an exciting opportunity to build an even more robust financial community. Strong, growing, and well-aligned in mission and purpose, Centra Credit Union and Bedford-based Hoosier Hills Credit Union recently entered into a definitive merger agreement. As southern Indiana born and based financial institutions with similar origin stories (General Motors for Hoosier Hills and Cummins for Centra), both CEOs and executive leadership teams unanimously support this merger, and the Board of Directors for each credit union has unanimously approved a formal agreement to merge our two financial institutions, pending regulatory and Member approval.

Past board chair and longtime CEO, Loretta Burd also shared her support of the partnership, “This merger provides additional growth opportunities in new markets for Centra Credit Union. It demonstrates the continued commitment to provide products and services to all credit union Members.” As incredibly hard-working, financially sound organizations, we will be Better Together, and our combined organization will bring our Members, Communities and Team Members MORE of everything there is to love about credit union banking after integration is complete:

  • 38 full-service banking centers and 73 ATMs/ITMs across central and southern Indiana
  • Free access to more than 30,000 ATMs and 5600 credit union branches through the CO-OP Network
  • Checking account options including Cashback Checking and High Interest Checking
  • All-cash Member Loyalty Rewards deposited into an interest-bearing Member Loyalty Account*
  • End-to-end mortgage services and increased mortgage loan options
  • Enhanced wealth management and insurance resources including 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

First and foremost, rest assured that there will be no Centra Credit Union locations or Hoosier Hills Credit Union Service Centers closing and all Team Members will have a role in the unified organizations. This means you’ll have More Places to conduct your financial transactions and access your money, while enjoying consistent, knowledgeable, and friendly service from the Same Faces you know and have come to trust.

While this is no doubt an exciting opportunity, we understand this news might raise some questions in your mind. I assure you that more information will be coming in the weeks and months ahead. If you’re interested in learning more about this potential partnership in the meantime, please visit our dedicated webpage at Centra.org/more-places-same-faces, review our frequently asked questions, stop in to any Centra location, email us at [email protected], or reach out to our friendly representatives at the Centra Contact Center by calling 800-232-3642. We’re here to answer your questions, address your concerns, and keep you informed about this process every step of the way.

Thank you for your Membership and for joining us in support of growing our credit union family.

Warm regards,

Frequently Asked Questions

 

Partnership Benefits

Why are Hoosier Hills Credit Union and Centra Credit Union pursuing a merger?

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.

Who is Hoosier Hills Credit Union?

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.

How will Members of the unified Credit Union benefit?

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.

Member Impacts

Will my accounts continue to be insured?

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.

Will Service Centers, ATMs, and service hours be impacted?

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.

Will I continue to receive personalized service?

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.

Will the merger affect Membership eligibility?

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.

I have a personal relationship with Centra. Once we become a larger organization, how can I be sure I’m not just a number?

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!

How will my loans, accounts, and services be impacted?

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.

Details, Logistics & Next Steps

What is the merger process and timeframe?

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!

Who will be leading the new, unified Centra? What are the plans for Hoosier Hills leaders and Team Members?

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!

What if I still have questions about the merger?

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.

How do I 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.

Can I still obtain a new loan or open an account before the change?

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

Will I have access to new loans or products after the partnership?

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.

How will important updates and changes be communicated?

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.


*A consumer checking account is required to be eligible for Member Loyalty Rewards. HSA checking accounts are not eligible.

**Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Centra Credit Union and Centra Financial Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Centra Financial Services, and may also be employees of Centra Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Centra Credit Union or Centra Financial Services. Securities and insurance offered through LPL or its affiliates are:

Not Insured by NCUA or Any Other Government Agency

Not Credit Union Guaranteed

Not Credit Union Obligations

May Lose Value

Your Credit Union (“Financial Institution”) provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for advisory services. Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.

The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.