CARLISLE, Penn.—Cornerstone FCU and Belco Community CU are confident their merger plans will be approved by NCUA.
As CUToday.info reported, a group that has opposed an attempt by Cornerstone to merge with Belco—the Committee for Cornerstone FCU Independence—has filed appeals with NCUA and the Pennsylvania Department of Banking hoping to obtain a 90-day delay in the merger, or possibly stop it.
The moves come after the Committee was unsuccessful in its bid to get members to vote against the merger. The Committee, which is led by the credit union’s former CEO Dave Keffer, has alleged that members were given insufficient information about the merger and that the combination is disadvantageous to them. The Committee’s appeal for a 90-day delay was rejected at the CU’s March 11 annual meeting.
As CUToday.info reported here, on March 2 CFCU members voted 1,100 to 630 in favor of the merger at a special meeting at the Comfort Suites in downtown Carlisle. The merger is expected to be finalized by the fall of 2017.
“We are very pleased with the March 2, 2017, vote by Cornerstone FCU members. The vote was conducted with due diligence and independent oversight, and therefore we are confident it will be upheld by the NCUA,” both CUs shared in a joint statement. “We will continue to be transparent and answer member questions throughout the merger process. This is a partnership between two local credit unions that share a common heritage and commitment to our members, employees, and communities. We appreciate the thoughtful and deliberate work of both boards in positioning Cornerstone and Belco for a brighter future together. Our interests have been, and will remain, in doing what is best for our members and employees.”