Banking & Finance

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Seven Seventeen, Credit Union One Complete Merger

October 2, 2017

WARREN, Ohio — Seven Seventeen Credit Union has completed  its acquisition of Credit Union One in North Jackson. The merger took effect Oct. 1.

By adding the 2,600 members of Credit Union One, and its $12.5 million in assets, Seven Seventeen now has more than 76,000 members and $962.5 million in assets. It is the largest credit union in northeast Ohio with 12 branches.

“Employees of both credit unions have been working together for months to make this transition as seamless as possible for members,” said Gary Soukenik, president and CEO of Seven Seventeen, in a statement.

After more than 50 years of serving its members, Credit Union One, like many smaller credit unions and banks, found operating in a competitive marketplace increasingly challenging due to the cost and complexity of technology and regulatory compliance. The credit union’s directors and management decided to seek a strong merger partner in order to best serve members long-term.

Credit Union One reached out to Seven Seventeen, and after performing due diligence, the board and management of Seven Seventeen saw the benefit of the merger to the members of both credit unions, Soukenik said.

Credit Union One members now have new and enhanced financial products and services, better loan and deposit rates, and greater online and mobile banking functionality. Seven Seventeen also offers a full suite of business products and services as well as access to investment services through Seven Seventeen Retirement and Investment Group.  

SOURCE: Seven Seventeen Credit Union.

Published by The Business Journal, Youngstown, Ohio.