LIMA — Beacon Mutual Federal Credit Union will no longer be its own entity, as the company will be officially merging with TopMark Federal Credit Union, a joint decision that both companies believe will benefit its members.
Once the two Lima companies officially merge on March 1, former Beacon members will have access to 35,000 ATMs, 5,300 shared branch locations and various other mortgage products and services.
TopMark members will also have access to a full service branch at 2301 Allentown Road in Lima, and the company will start a rennovation of its new office in Cridersville by the end of February, according to Angie Maynard, CEO at TopMark FCU.
“We are encouraged by the resounding vote of confidence from Beacon’s membership, which approved the merger,” said Beacon Mutual FCU Board Chair Erick Schmelzer in a news release. “In credit unions, consolidation is done for the purpose of benefiting members. The regulatory environment has changed to the point that it is costly and difficult for small credit unions to compete.”
As of March 1, Beacon will add its $13 million in assets and 1,900 members with TopMark’s $31 million in assets and 7,000 members. The combined companies will operate as TopMark Federal Credit Union and will be led by Maynard.
“It benefits the members and it benefits the employees because we are keeping the employees and members will benefit from seeing the same familiar faces even though we have merged,” said Maynard.
She added that the merger will also provide the Beacon members with more locations and access to their account across the United States with a larger ATM network.
“We are certainly honored Beacon chose to merge with TopMark. We look forward to working with their members throughout the entire process,” said Maynard in a news release.
Reach Camri Nelson at 567-242-0456 or on Twitter @CamriNews.