BEDFORD, Ind. – Early this year, Centra Credit Union announced that it had entered into a definitive merger agreement with Hooiser Hills Credit Union in Bedford. The Board of Directors for each credit union unanimously approved the formal agreement to merge the two financial institutions, pending regulatory and Member approval.
However, Centra announced on Thursday that Hoosier Hills Credit Union Members had rejected the merger.
Credit unions are owned and controlled by their members and operate democratically. Each member gets a vote in any potential merger. The required majority vote from Hoosier Hills Credit Union Members was not attained.
As a matter of formality, Centra has decided to proceed with its vote on June 3, allowing Centra Members to use their voice.
In a Facebook post, Centra CEO/President Rick Silvers said, “We are disappointed by this decision, we still strongly believe this merger partnership is in the best interest of Members of Centra Credit Union and Hoosier Hills Credit Union. However, we respect that Hooser Hills Members voiced concerns about the partnership. It is now our responsibility to hear and understand their Members’ concerns and move forward in a way that respects the wishes of their Member-owners.”
Centra has south-central Indiana locations in Columbus, Edinburgh, Seymour, North Vernon, Shelbyville, Greensburg, and Nashville
