Indiana shared branch cooperatives merge
Transaction volume exceeds one-half million
January 8, 2003

(INDIANAPOLIS) When the calendar rolled over to 2003 last week, the state of Indiana became the location for a single shared cooperative, Credit Union Centers of Indiana, LLC (CUCI). The group is the result of the merger between CUCI and Credit Union Centers of Northwest Indiana, Inc. (CUCNI), which was approved by boards of both cooperatives in late October.

The combined cooperative is the largest CUSO on the CUSC network, based upon transaction volume. Volume is typically more than 500,000 transactions per month at the 16 outlets and 12 service centers in Indiana.

"We are now one statewide organization, stronger than ever," says Karol Griffin, Senior Vice President, Teachers CU (South Bend, Ind.), president of CUCI, "The two groups really had the same focus, as far as goals, and the merger is another way the cooperative effort works for the benefit of all." The CUSO's plans for 2003 include the pursuit of three new stand-alone locations and 12 new outlets throughout Indiana.

Jill Banning, president/CEO of Regional CU (Hammond, Ind.), and president of CUCNI, explains the motivation behind her cooperative's vote to join CUCI, "We feel the unification of the two organizations will provide even greater service to all credit unions in Indiana. We invite all credit unions in the state to investigate the benefits this new organization can offer their members."

The merger will be transparent to the credit union members. There will be no interruption in the high level of service they are currently receiving.

The CUCI board currently has seven members; with the addition of the CUCNI credit unions, four board seats will be added, bringing the total number of directors to 11. The CUCI annual meeting, which includes election of officers, is scheduled for mid-February.

Just 10 years ago, Indiana credit unions joined together to provide shared branching to their members. Since then, the concept has experienced extraordinary growth at both the state and national levels, cooperatively offering more locations where members can conduct transactions at lower costs. Currently, 46 Hoosier credit unions participate in shared branching, giving access to nearly one million members statewide. Nationally there are 922 service centers and outlets across the country. Indiana has had as many as four cooperatives in the past. Consolidation has occurred over the years, resulting in an organization where credit union participants have steadily increased the benefits they've received from economies of scale, uniform pricing, and the mutual objectives of the united organization.

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