Partners 1st FCU/General CU Merger

Friday, September 1, 2017

The Board of Directors at General Credit Union and Partners 1st Federal Credit Union announce their intent to
merge the two Fort Wayne-based credit unions. The unanimous vote of both boards will permit the merger
proposal to go before the members of General Credit Union in the coming weeks for an official vote.
General Credit Union, opened in 1960 by eight Fort Wayne employees of the General Telephone Company, was
originally located on Berry Street. Since then the credit union has grown to serve over 9,000 members through 4
branches and has $84 million in assets.

Informal exploratory discussions began late last year regarding a voluntary merger of the two strong organizations.
“The GCU board and I had given thoughtful consideration to the vision of our credit union including the best way
to grow, offer the membership more products, additional convenience and the best service possible.” said Clinton
Miller, CEO of General Credit Union. He added, “Through this discussion, it was determined that we should pursue
a proactive strategic merger with another credit union that shared the same vision and values that we do.
Partners 1st was that credit union.”

Partners 1st Federal Credit Union had similar humble beginnings when seven Magnavox employees joined to
charter the Magnavox Employees Federal Credit Union in 1952. Today Partners 1st FCU serves nearly 27,000
members, has 23 branches in eight states with over $280 million in assets.

Partners 1st CEO, Carla Bienz, shared, “This union is a mutual agreement between two healthy credit unions with
complimentary visions and strengths. Because of that, we felt that it was imperative that we retain all employees
and have fashioned a strategic vision and organizational structure to do just that.”

The new organization will operate under the Partners 1st Federal Credit Union brand and charter following an
affirmative vote from the General Credit Union membership. The merger is anticipated to be effective October 1,
2017 and the combined credit union will be the 20th largest in Indiana according to June 30th financial data.
Bienz concluded, “It will be our distinct pleasure to serve the General Credit Union membership with the help of
the same employees that have worked so hard for them over the years.”

Category:  General