Interra Credit Union and Bluffton Motor Works/Franklin Electric Employees’ Credit Union (BLMW/FEECU) have announced their intent to merge, subject to regulatory and member approvals.
As part of these efforts, BLMW/FEECU will operate under the Interra Credit Union brand.
This merger brings several advantages, according to a provided news release, including:
1. Expanded services and resources. By offering Interra’s expanded products and technology plus its solid financial status, it will be able to provide a broader range of products and services to BLMW/FEECU’s members. The integration of Interra’s outstanding resources, operations, and technology will serve simply to enhance operational capabilities as well.
2. Increased member base. This acquisition allows the addition of BLMW/FEECU to Interra’s membership base of 90,000 members. And while Wells County is already part of Interra’s 24 counties within their field of membership, this expansion brings greater services to another diverse community.
“Since 1952, we have been able to offer a credit union membership to our staff. We’re excited for the financial strength and full services Interra brings to our members,” said Timothy Wyatt, BLMW/FEECU president.
“Partnering with Bluffton Motor Works/Franklin Electric Employees’ Credit Union allows Interra’s corporate foundation of excellence and integrity to resonate in our promise to be invested in our communities,” said Timothy Yoder, Interra Credit Union chairman of the board.
“Interra is thrilled to be part of such a vibrant community in Bluffton. Providing BLMW/FEECU members with our enhanced financial service capabilities is simply a win-win for both organizations,” said Amy Sink, Interra CEO.
BLMW/FEECU was originally chartered in 1952 as Franklin Electric Employees’ Credit Union. Franklin Electric later transitioned to Bluffton Motor Works thus the renaming of the credit union to Bluffton Motor Works/Franklin Electric Employees’ Credit Union. In 2016, WEG Commercial Motors purchased Bluffton Motor Works, but for the sake of continuity, the credit union did not change its name. It holds $800 million in assets and provides nearly 300 members with savings and lending services.
Interra Credit Union, headquartered in Goshen, was chartered in 1932 and has assets of $1.8 billion. The credit union’s field of membership spans 24 counties in northern Indiana, with more than 325 full and part-time employees serving nearly 90,000 members. Interra currently operates 16 offices in Elkhart, LaGrange, Kosciusko, Marshall and Noble counties in Indiana and via robust electronic services at interracu.com.