Centra to absorb small central Indiana credit union

Centra Credit Union is absorbing a credit union that has been operating as a virtual-only business since 2019.

The Columbus-based credit union announced yesterday that the $43 million dollar NorthPark Community Credit Union will be merged into the $2 billion dollar Centra at the start of the year after a vote by both memberships.

NorthPark has two service centers, one in Lebanon and one in Zionsville, that have been closed since the credit union went all virtual. Centra said the two locations will be undergoing repairs and renovations with an eye to reopen the Zionsville in the second quarter of 2024 and the Lebanon center later in the year. The renovations will include adding office space for mortgage lenders, financial advisors, and business services experts.

Centra also plans to continue and to expand NorthPark’s award-winning financial inclusion program called Onward.

According to a merger application to regulators, NorthPark viewed the merger as beneficial to its members because of Centra’s products, services and experience, citing home loans and wealth management services. The merger was first announced in October after the Indiana Department of Financial Institutions and National Credit Union Association approved the merger, pending the approval of members.

Centra says that it will take around a year to fully integrate the two credit unions’ systems and operations.