LIMA, OH (WLIO) - Lima-based Superior Credit Union continues to grow.
It was announced today that they are merging with HTM Area Credit Union in Troy. This brings HTM's 3,600 members into the fold with Superior's of nearly 100,000 members. HTM members will gain access to Superior's 23 Ohio branches and superior members will be able to access HTM's Troy location.
Superior is the 4th largest credit union in Ohio based on assets, which stands at 1.4 billion dollars. The merger takes effect on Wednesday, February 1, 2023.
Press Release from Superior Credit Union: LIMA, OH— HTM Area Credit Union of Troy, Ohio, and Superior Credit Union, Inc. of Lima, Ohio, have announced plans to combine their operations. Under the arrangement, HTM will integrate its $36 million in assets and 3,600 members with Superior, which has $1.4 billion in assets and over 98,000 members. The combined organization will operate as Superior Credit Union.
Upon consummation, members of HTM will gain access to Superior’s 23 Ohio branch locations and its wider array of financial products and services. Meanwhile, Superior members will gain full-service access to HTM’s branch location in Troy, Ohio.
“We realized that by combining operations, our members could benefit greatly from the products and services that Superior already has in place,” said Ronald May, HTM Board Chairman. “HTM members will still see the same faces they have grown to know over the years, but now they get more products to go along with them. This is definitely the right move for our membership.”
Once the merger is completed on February 1st, members of HTM will have access to those additional products and services – such as mortgage products, industry-leading online & mobile banking, insurance, and small business services.
Phil Buell, President and CEO of Superior, believes the arrangement will benefit the members of both institutions. “In credit unions, consolidation is done for the sole purpose of benefiting members. This is a decision to combine assets and provide additional services to the membership.”
“We feel that adding a location in Troy will complement our other branches throughout the State,” Buell continued. “Our goal is always to provide our members with the best service at the most convenient locations.” The Boards of both credit unions had to approve the merger proposal. Approval from state and federal regulators was needed and received, as well.
About Superior Credit
Union Superior Credit Union, Inc., headquartered in Lima, Ohio, is a member-owned financial cooperative that serves approximately 99,000 members at 23 Western Ohio offices. With assets of over $1.4 billion, the credit union provides consumer and mortgage loans, real estate brokerage, investment and retirement planning, insurance services, checking and savings accounts, and small business services and loans. For more information about Superior Credit Union, please visit www.superiorcu.com.
