Columbus, Ohio (8-13-26) – Today, Ohio Credit Union League President Paul Mercer released the following statement after the Ohio Division of Financial Institutions (ODFI) confirmed that Hicksville Bank has the authority to sell its assets to Interra Credit Union. While the final approval of the purchase is still pending, ODFI’s decision confirms what the Ohio Credit Union League has said all along: credit union purchases of bank assets are legal and permitted in Ohio.

 

“The decision from ODFI represents a meaningful win for the community of Hicksville and for local residents. Interra Credit Union will provide the Hicksville community with the same level of financial service and community investment they have come to expect, while also maintaining jobs and keeping members’ money local. The fact that the Bank Lobby in Columbus has already decided to resort to attacks on impartial decision makers only underscores the weakness of their position. Any attempts by outside actors to delay or obstruct the process would only serve the interests of a few while actively burdening the Hicksville community and local residents in pursuit of a purely political agenda.”    

The decision by Hicksville Bank to sell to Interra Credit Union was strictly voluntary. The Board of Hicksville Bank chose to do so because shareholders recognize the important benefits credit unions provide to their members.

 

Credit union purchases of banks are nothing new, including here in Ohio, where a credit union purchased bank assets in 2019, including absorbing deposits, assets, and employees. This sale was approved by Ohio regulators.

 

This sale will ultimately benefit current customers who continue to have access to the financial services they need; the community that keeps a community-minded institution; and the local economy that keeps jobs and a local small business in operation.