Nationwide Financial Services Inc. wants to roll its Nationwide Federal Credit Union affiliate into a revamped banking unit, Nationwide Bank.
Nationwide Financial, Columbus, Ohio, says it will pay credit union members a total of $79 million for their ownership interest in the credit union.
Payments to credit union members will be based on each member’s March 31 deposit levels, according to Nationwide Financial.
The federal Office of Thrift Supervision gave Nationwide Financial permission in April to expand the charter of its Nationwide Trust Company Federal Savings Bank unit. Nationwide Financial then renamed the savings bank Nationwide Bank.
The Nationwide Federal credit union board already has approved the proposed merger with Nationwide Bank, according to Nationwide Financial.
The credit union was formed in 1951 and now has 44,000 members and $523 million in assets. Members include Nationwide Financial agents and retirees as well as employees, Nationwide Financial says.