Conserved IN credit union merged with OH credit union, NCUA announces

A federal credit union that was placed in conservatorship in December – Richmond City Employees FCU of Richmond, Ind. – was merged into Kemba Credit Union of West Chester, Ohio, effective April 1, according to the federal credit union regulatory agency.

The National Credit Union Administration (NCUA) placed Richmond City Employees FCU into conservatorship on Dec. 12, 2022, and appointed itself as conservator. The NCUA said it worked to address issues affecting the credit union’s safety and soundness “and determined that merging Richmond City Employees Federal Credit Union into the (state-chartered, federally insured) Kemba Credit Union was in the best interests of the members.”

The NCUA said members of the now-merged institution may continue to transact business at the former Richmond City Employees Federal Credit Union location.

The agency said that at the time of the merger, the federally chartered Richmond City Employees FCU had 788 members and assets of $6.97 million, according to the credit union’s most recent call report. The credit union was chartered in 1961 and served employees of the City of Richmond, it said.

Agency data shows that the state-chartered, federally insured Kemba CU has some $1.6 billion in assets and more than 125,000 members.

Richmond City Employees Federal Credit Union Merges into Kemba Credit Union