EL SEGUNDO, Calif.–The $950-million Xceed Financial Credit Union said it is reaching nearly all the way across the country to take in via a merger a Pennsylvania-based CU.
Xceed Financial said it plans to merge with Harrisburg, Penn.-based POSTMARK Credit Union effective Sept. 1. The $29-million POSTMARk has nearly 2,300 members. It was founded in 1933 to serve U.S. Postal Service employees in its hom market.
Xceed Financial said in a statement that both credit unions are “workplace” credit unions, with membership open to employees of their Select Employer Group (SEG) partners nationwide.
“Xceed already has many members and key employer group partners, such as TE Connectivity and Tyco, in the Harrisburg area, so we’re excited about the opportunities this merger offers to deepen those relationships,” said Teresa Freeborn, Xceed Financial’s president and Chief Executive, noting that POSTMARK’s Harrisburg location will remain open and become an Xceed Financial Center. “We also see tremendous opportunities for growth in Central Pennsylvania, as we share our very competitive product line with our new POSTMARK members and partner with our new POSTMARK employer groups to bring personalized financial wellness resources to their workplaces.”
Xceed Fianncial cited POSTMARK CU is financially sound but has been challenged by growing regulatory and technology requirements, and its board has been searching for a merger partner.
“Xceed Financial is a full-service, nationwide financial institution, but member service is still their top priority, and that was one of the key reasons our Board and members chose to merge with Xceed,” said POSTMARK CU’s current president and CEO, Dave Frey, who will join Xceed Financial’s management team following the merger. “This merger adds incredible value for our 2,255 members and 23 employer partners, who will now have access to comprehensive financial products and services, a nationwide network of 80,000 surcharge-free ATMs, and industry-leading online, mobile and video banking platforms.”