Goshen-based Interra Credit Union plans to merge with Bluffton Motor Works/Franklin Electric Employees’ Credit Union.
The deal is contingent upon regulatory approval and agreement from credit union members.
“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, in a press release.
Bluffton credit union was chartered in 1952 to serve Franklin Electric employees. The company was renamed Bluffton Motor Works, resulting in the credit union's name change. In 2016, WEG Commercial Motors purchased Bluffton Motor Works, but the credit union's name was not changed. It now holds $800 million in assets and has almost 300 members.
“Since 1952, we have been able to offer a credit union membership to our staff,” said Timothy Wyatt, Bluffton president. “We’re excited for the financial strength and full services Interra brings to our members.”
The merger is expected to offer expanded services and resources to the Bluffton members. The credit union is based in Wells County.
Interra Credit Union was chartered in 1932 and has $1.8 billion in assets. Its 90,000 members live in 24 counties in northern Indiana. It employs more than 325 full- and part-time associates. It has 16 offices in Elkhart, LaGrange, Kosciusko, Marshall and Noble counties.
