The proposed deal would create a $1.4 billion institution rooted in Catholic social teaching, pending a member vote in March.

Notre Dame Federal Credit Union of Indiana and Catholic United Financial Credit Union of Minnesota announced on Monday their intent to merge, a move that would unite two faith-based financial cooperatives under a single charter and expand Notre Dame FCU’s footprint in the Upper Midwest.

The proposed merger has been approved by both institutions’ boards of directors and by the National Credit Union Administration, but still requires a vote of Catholic United Financial Credit Union members, scheduled for March 18. If approved, the transaction would take effect April 1.

The combined credit union would operate under the Notre Dame FCU name, serving roughly 70,000 members and managing approximately $1.4 billion in assets. Leaders at both institutions emphasized shared values as the foundation of the deal, pointing to a common commitment to Catholic Social Teachings, community involvement and member-focused service.

“This merger unites two heart-driven organizations,” said Andrea Kuhl, president of Catholic United Financial Credit Union. “Both credit unions have a long history of prioritizing purpose and impact over profit. This merger allows us to live that out more fully together and better serve the growing needs of our members and Catholic communities in Minnesota.”

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Thomas Gryp, president and chief executive of Notre Dame FCU, framed the agreement as a strategic partnership that strengthens regional service while preserving mission. “This partnership unites two mission-driven organizations with shared values and a common commitment to putting people over profit,” he said. “Having Andrea and her team join Notre Dame FCU to serve the Upper Midwest Region will be extremely beneficial for all parties, especially our current and future members in the region.”

Under the proposed leadership structure, Gryp would remain president and chief executive of the combined institution, while Kuhl would take on the role of Upper Midwest market president following the merger.

Notre Dame FCU, a not-for-profit financial cooperative with more than 66,000 members worldwide, reported assets exceeding $1.3 billion and earned $8.2 million in 2025, up from $7.2 million a year earlier, according to NCUA call report data. 

Catholic United Financial Credit Union, based in St. Paul with offices in St. Paul and St. Cloud, has $34 million in assets and more than 3,200 members. It earned $138,000 in 2025, down from $256,000 in 2024.

The transaction comes amid continued consolidation in the credit union sector. The NCUA approved 41 mergers in the third quarter of 2025 alone, including three involving multibillion-dollar institutions, according to the agency’s quarterly merger activity report.

If approved, the Notre Dame–Catholic United deal would add to that momentum, reflecting how smaller, mission-driven credit unions are increasingly seeking scale and sustainability through partnerships aligned around shared culture and purpose.

“This partnership unites two mission-driven organizations with shared values and a common commitment to putting people over profit.”

– Thomas Gryp
President & Chief Executive
Notre Dame FCU