HARRISBURG, Penn.–Credit unions in two more states have announced plans to put merger votes before their respective members.
In Pennsylvania, the $812-million Belco Community Credit Union said it is seeking to merge in the $3-million Wilmac Employees Credit Union in York, Penn.
Belco Community reported $8.4 million in net income and 9.96% in net worth on its year-end call report.
The Swatara Township financial institution plans to merge with Wilmac Employees’ Credit Union. WECU reported a loss of $8,429 for 2021 and capital of 18.45%.
Wilmac Credit Union was founded in 1976 to serve Wilmac Corp. employees since its inception. The credit union said the merger comes as a result of the sale of Wilmac Corp. late last year. The CU has more than 500 members.
“Providing current Wilmac CU members with the ability to continue their credit union experience is something we look forward to,” Amey Sgrignoli, president and CEO of Belco Community Credit Union said in a released statement. “Wilmac CU is a unique credit union, with members across our seven counties.
Plans call for the merger to be completed by April 30. Wilmac Employees has not yet provided disclosure statements on its website that would provide additional details on the merger.
Michigan Merger
Separately, in Brownstown, Mich., the $69-million Community Focus Credit Union and the $49.5-million SMSE FCU are seeking to combine. If the merger is approved, the two credit unions said they plan to operate under a new name that has yet to be determined.
The CUs added no layoffs are planned and the deal still requires a vote by SMSE FCU members.
Community Focus, which has approximately 5,000 members, reported $463,410 in net income for 2021, with capital of 14.10%. SMSE FCU reported $198,075 in net income and capital of 9.33%.
SMSE has not yet provided disclosure statements on its website that would provide additional details on the merger.
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