Economies of Scale

Staff Writer
Columbus CEO

Members First Credit Union, Powerco Credit Union and Western Credit Union are putting the finishing touches on a merger that's expected to be completed in August.

"We're bringing together midsize credit unions and leveraging the expertise we each have. We'll be one entity, but we'll actively maintain each of the brands. That's important to our members," says Mike Shafer, Powerco president and CEO. Shafer also became CEO of Western when its CEO, Tom Furrey, retired in 2011.

When completed, Members First and Western will merge into Powerco's charter to create a $185 million credit union with 25,000 members. At that point, a new corporate name is expected to be announced. Shafer will serve as CEO, while Members First Treasurer and CEO Greg Kidwell will be president.

"It's big news for us. Three healthy and growing credit unions strategically decided to work together to create scale to benefit our members. They'll get more locations, more services and more convenience. And not one employee will lose their job," Kidwell says.

Reprinted from the August 2012 issue of Columbus C.E.O. Copyright © Columbus C.E.O.