Office of Thrift Supervision, FDIC approve merger with credit union
COLUMBUS, Ohio, Dec. 18 /PRNewswire/ -- Nationwide Bank has received
regulatory approvals from the Office of Thrift Supervision and the Federal
Insurance Deposit Corporation authorizing its merger with the Nationwide
Federal Credit Union (NFCU).
Nationwide Bank and NFCU announced on Nov. 1 that the merger of the two
organizations had been approved by an NFCU membership majority vote.
Beginning Jan. 2, 2007, NFCU's 44,000 members, which includes many
Nationwide associates, retirees, agents and their families, will become
customers of the new Nationwide Bank.
"Nationwide Bank plans to offer a unique and interactive customer
experience. The credit union's foundation of strong customer service,
combined with Nationwide's significant resources and access to a wide
customer base, will create a strong financial institution with a compelling
competitive advantage," said Anne Arvia, Nationwide Bank president.
Nationwide Bank plans to continue to operate at existing NFCU
locations. This includes banking centers located at Nationwide's Columbus
headquarters and Dublin office. The same services will continue to be
available in existing locations in Des Moines, via the Internet and through
a call center.
"By integrating our banking services with our existing businesses,
Nationwide is in a better position to meet the future needs of its
customers," said Arvia. "We're excited to have this merger finalized and to
begin serving these valued customers."
Later in 2007, the Bank will expand its marketing of products and
services to other groups of Nationwide customers and the broader market.
Banking services will be offered directly to customers primarily through
the Internet, a call center, ATMs and existing on-site banking centers.
About Nationwide Bank
Nationwide Bank is a subsidiary of Nationwide Financial Services, Inc.
(NYSE: NFS). In April 2006, Nationwide Financial Services, Inc., with
welcome support from the Ohio Department of Commerce Division of Financial
Institutions, 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.(1)
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.(2) For more information, visit
http://www.nationwide.com.
(1) Nationwide Investment Services Corporation, member NASD. In Mi only,
Nationwide Investment Svcs. Corporation.
(2) Fortune Magazine, April 2006
Nationwide, the Nationwide framemark and On Your Side are federally
registered service marks of Nationwide Mutual Insurance Company. Nationwide
Bank is a service mark of Nationwide Mutual Insurance Company.
Media Contacts:
Carah Brody
614-677-0275
brodyc@nationwide.com
SOURCE Nationwide Financial Services, Inc.
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Related links:
http://www.nationwidefinancial.com
http://www.nationwide.com
CONTACT:
Carah Brody of Nationwide Financial Services,
Inc., +1-614-677-0275, or brodyc@nationwide.com
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