Dear editor:
The recent sale of Hicksville Bank to Interra Credit Union, as covered by The Village Reporter, is an important win for Hicksville Bank customers, the Hicksville community, and the local economy.
By initiating this sale, Hicksville Bank recognized what 3.4 million Ohio credit union members already know: as member-owned, not-for-profit financial institutions, credit unions are uniquely invested in the local communities they serve.
No one forced Hicksville Bank to sell to Interra Credit Union. The Board of Hicksville Bank chose to do so because its 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. This sale was approved by Ohio regulators.
And just like in 2019, Hicksville Bank’s decision to sell to Interra Credit Union will benefit not only the bank’s current customers who maintain access to critical financial services, but also the Hicksville community and the local economy.
Because unlike banks, credit unions operate as not-for-profit institutions, meaning any profits that credit unions earn are reinvested in their communities rather than padding the pockets of shareholders.
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.
Paul Mercer
Ohio Credit Union League