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Ohio-based Firefighters & Company FCU acquires Monarch FCU

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Ohio-based Firefighters & Company FCU acquires Monarch FCU

Dayton, Ohio-based Firefighters & Company FCU acquired Miamisburg, Ohio-based Monarch FCU, the Dayton Business Journal reported.

Financial terms of the deal were not disclosed. A Firefighters & Company representative told the news outlet that no job cuts are expected as a result of the transaction.

Firefighters & Company's marketing manager, Shannon O'Neill, told the Dayton Business Journal that two of Monarch's board members will join Firefighters & Company's board.

Monarch rebranded as Firefighters & Company Federal Credit Union as of Oct. 1.

Monarch said it plans to add accounts of all members to Firefighters & Company's data processing system by February 2020, the news outlet added. Until then, Monarch customers won't be able to access their accounts at Firefighters & Company's Riverside and Dayton offices. However, as of Oct. 1, Monarch members have qualified for Firefighters & Company's offerings, according to the report.

As of June 30, Firefighters & Company had $65.4 million in assets, while Monarch had $9.9 million in assets, according to S&P Global Market Intelligence data.