Beacon CU announces its largest merger
Posted: Friday, July 30, 2010
WABASH, IN – Officials of Beacon Credit Union announced its merger with DeKalb Financial Credit Union of Auburn will be completed Aug. 1. Beacon is the continuing credit union.
This merger is the largest in the 79-year history of the Wabash-based credit union, founded in 1931 as the Wabash County Farm Bureau Credit Union. It changed its name to Beacon Credit Union in May of 2002.
The DeKalb Financial Credit Union was organized in 1932 as the DeKalb County Farm Bureau Cooperative Credit Union and changed to its present name in 1993.
“DeKalb Financial Credit Union has always been recognized for its professional and caring staff,” said Bruce Ingraham, president of Beacon Credit Union. “Beacon Credit Union recognizes the thirty-six DeKalb staff members bring significant value to the operation and the entire membership of this organization.”
The 36 new staffers will raise to more than 220 the number of Beacon Credit Union employees and DeKalb Financial’s 5,400 member-owners will join with Beacon’s 40,000 member-owners on Aug. 1.
The merger expands the Beacon presence into three Northeastern Indiana counties: Allen, DeKalb and Steuben. DeKalb Financial Credit Union operates two branches in Auburn and one each in Garrett, New Haven and Angola.
As of Aug. 1, Beacon will have a total of 21 branches in 10 counties – Allen, Cass, DeKalb, Fulton, Grant, Huntington, Kosciusko, Miami, Steuben and Wabash. Earlier this year Beacon announced plans to construct a new branch office in Plymouth (Marshall County).
Membership is also available to people who live or work in Blackford, Carroll, Howard, Madison, Pulaski, White and Whitley counties.
“Anyone who lives or works within these 18 Indiana counties qualifies for membership and the products and services offered by this cooperative credit union,” Ingraham said.
“We look forward to providing our extremely competitive products and services to the new member-owners and prospective owners of Beacon Credit Union residing in the northeastern region of Indiana,” he continued.
“Effort was made to introduce Beacon Credit Union to the member-owners of DeKalb Financial. This merger represents two solid financial cooperatives joining together into one better organization,” Ingraham said. “I appreciate the overwhelming support for Beacon Credit Union which was demonstrated by the favorable results of the votes cast by the DeKalb Financial owners to merge into our organization and convert from federal share insurance to non-federal insurance provided by American Share Insurance.”
Ron Linstromberg, president of DeKalb Financial, said, “We are very pleased that the membership of DeKalb Financial Credit Union voted overwhelmingly in favor of this merger. We believe our members will be very satisfied as members of Beacon Credit Union and the products and services it offers.”
By combining the two institutions, member-owners will have nearly $775 million in deposit accounts and $625 million borrowed through their cooperatively owned financial institution. This merger further elevates Beacon Credit Union as the largest agricultural lending credit union in the United States.
In addition to the branch to open later this fall in Plymouth, Beacon will have four branches in the Peru area, four in Wabash, two each in Rochester, Auburn and Logansport, and one each in North Manchester, Marion, Huntington, Garrett, New Haven, Angola and Warsaw.
Ingraham concluded, “Our people set us apart from other financial institutions and the caliber of the existing staff will enable current and prospective members to receive quality service.”
Products and services provided to its over 45,000 member-owners will include certificates of deposit, checking accounts, savings accounts, small business deposit accounts, consumer loans, mortgage loans, agricultural and commercial loans, ATMs, debit cards, gift cards, online banking, online bill paying, online statements, mobile banking, trust services, financial planning, and more.
