Prompted by continued strong growth, Centra Credit Union has purchased the former Kiel Bros. Oil Co. headquarters near Tipton Lakes Athletic Club to house administrative staff.
The Columbus-based credit union purchased the property, including the 18,000-square-foot building, for $1.6 million.
Doug Harris, Centra’s president, said Wednesday that the credit union has outgrown its existing office space because of continued growth.
Centra was founded by eight Cummins employees in 1940 with $337.63. The organization reached $1 billion in assets in March. Its asset today exceed $1.1 billion.
Employment, at 285, has increased more than 18 percent since 2006, the company said in a news release. The credit union plans to add at least five employees this year.
Credit unions differ from banks primarily because they are nonprofit organizations owned by their customers, or members.
Harris said the building on the city’s west side will house about 60 employees, and the property would allow for construction of additions to accommodate continued growth.
Harris said the organization still is determining which employees will move into the new facility, but he said it likely would include personnel from the corporate headquarters on National Road and the mortgage loan center on Jonathan Moore Pike. Both those locations will remain operational.
The new location will exclusively house support staff, Harris said. It will not be a retail location nor have an automated teller machine.
Centra said in the release that it plans to renovate the space in the first quarter and occupy it in the second.