Nationwide Bank and Nationwide Federal Credit Union Announce Merger

Search Blogs that Mention this News Release
Click this link to view linked Bookmarking Services
Click this link to view linked Blogging Services
Nationwide Bank and Nationwide Federal Credit Union Announce Merger
                Credit Union Members Vote To Approve Merger

    COLUMBUS, Ohio, Nov. 1 /PRNewswire/ -- Nationwide Bank and Nationwide
Federal Credit Union (NFCU) today announced that the merger of the two
organizations has been approved by NFCU membership. NFCU members approved
the merger by a majority vote of 88.9 percent. In June, Nationwide Bank and
NFCU announced their intention to seek member approval for a merger of the
two organizations.
    As previously announced, Nationwide Bank, a subsidiary of Nationwide
Financial Services Inc., (NYSE: NFS), will pay $79 million for the members'
ownership interest in the credit union. These funds will be credited to
member accounts on a pro-rata basis according to the deposit account
balances as of March 31, 2006. The funding will take place after the
transaction is complete, which is anticipated to happen in early 2007.
    The transaction is subject to certification of the vote by the National
Credit Union Administration and final regulatory approval from the Federal
Deposit Insurance Corporation and the Office of Thrift Supervision.
    "We're pleased that the NFCU membership has approved this merger and
look forward to serving these valued customers," said Anne Arvia,
Nationwide Bank president. "Nationwide Bank has an opportunity to create a
unique customer experience, and NFCU's history of exemplary service is key
to serving customers."
    Nationwide will support the needs of its customers by complementing its
insurance, mortgage, investment, and retirement plan products with banking
capabilities through Nationwide Bank. Nationwide's resources and wide
customer base, combined with the credit union's foundation of customer
service, creates one strong financial institution.
    "All along it was most important that the decision to merge be in the
hands of the people who own this credit union - our members," said Paula
Edwards, president of NFCU. "The NFCU Board and I are very pleased that our
membership has voted for this merger and we look forward to the opportunity
that lies ahead as part of the Nationwide Bank."
    About Nationwide Federal Credit Union
    Nationwide Federal Credit Union was established in 1951. NFCU is the
largest credit union in Central Ohio ending 2005 with more than $523
million in assets. Serving more than 44,000 members, NFCU serves Nationwide
associates, retirees, agents and their immediate family and household
members. NFCU ranks as the fourth largest credit union in Ohio.(1)
    About Nationwide Bank
    In April 2006, Nationwide Financial Services, Inc. received approval
from U.S. regulators to expand the powers of its wholly-owned limited
purpose thrift. Nationwide Bank will provide a full range of consumer
banking products and services expanding the capabilities of Nationwide to
serve its customers.
    About Nationwide Financial(R)
    Nationwide Financial Services, Inc. (NYSE: NFS), a publicly traded
company based in Columbus, Ohio, provides a variety of financial services
that help consumers invest and protect their long-term assets, and offers
retirement plans and services through both public- and private-sector
employers.(2)
    It's part of the Nationwide group of companies, which offers
diversified insurance and financial services. The group is led by
Nationwide Mutual Insurance Company, which is ranked No. 98 on the Fortune
100 based on 2005 revenue.(3) For more information, visit
http://www.nationwide.com.
    (1) as reported by CUNA and TFP
    (2) Nationwide Investment Services Corporation, member NASD. In Mi only,
        Nationwide Investment Svcs. Corporation.
    (3) Fortune Magazine, April 2006
    Nationwide and the Nationwide Framemark are federally registered
service marks of Nationwide Mutual Insurance Company. On Your Side is a
service mark of Nationwide Mutual Insurance Company.
    Media Contacts:
    Credit Union
    Eric Hardgrove  614-677-8516
    hardgre@nationwide.com

    Nationwide Bank
    Carah Brody  614-677-0275
    brodyc@nationwide.com
SOURCE Nationwide Financial Services, Inc.
http://www.nationwidefinancial.com/
http://www.prnewswire.com/comp/607050.html/
CONTACT:
Eric Hardgrove, +1-614-677-8516, or
hardgre@nationwide.com, for Nationwide Federal Credit Union, or
Carah Brody, +1-614-677-0275, or brodyc@nationwide.com, for
Nationwide Bank