MEDIA, Penn.–Another small credit union is citing “unprecedented” pressures and is making plans to merge.
The $23.8-million Wawa Employees CU said it will ask its 3,724 members to vote on a merger with the $1.55-billion Franklin Mint FCU in Chadds Ford, Penn.
In a letter posted on Wawa Employees CU’s website, the credit union’s manager and treasurer, Sara Dougherty, said the objective is to provide members with "greater convenience and enhanced products and services."
Among those offerings, Dougherty wrote, are “robust” digital services.
“Small credit unions are facing unprecedented regulatory, cyber security, and economic pressures to remain viable and profitable,” Dougherty wrote. “This merger with FMFCU ensures strong, comprehensive credit union services continue for WECU member-owners now and in the future."
The targeted merger date is sometime during the second quarter of 2022 should members approve.
As of its most recent call report, WECU reported a loss of $10,727 year to date, with capital of 7.06%.
Franklin Mint, which has more than 120,000 members, reported net income of $9 million and capital of 7.73%