WILLIAMSPORT, Penn.–New Jersey-based First Harvest Credit Union said it plans to sell its branch here to Enola, Penn.-based Members 1st FCU.
The transaction, which has already received approval from NCUA but still requires a vote by members of First Harvest, would provide “more convenience” for members who use the branch, as the $7.4-billion Members 1st has nearly 60 branches in Central Pennsylvania, the two credit unions said in a joint statement.
Terms of the transaction were not disclosed.
According to the credit unions, the branch in Pennsylvania is the only one it has in the state and is several hours away from the company’s Deptford, N.J., headquarters
“Our objective is to provide convenient and local banking services to our members at each First Harvest location,” said First Harvest President and CEO Mike Dinneen in a statement. “As we evaluated the best ways to provide an outstanding member and employee experience to our team at Williamsport, it became evident that they would be better served by a strong, local credit union.”
Dinneen added the $452-million First Harvest believes the members and staff on Pennsylvania will be well-served by Members 1st.
‘Care and Commitment’
“We have gotten to know our peers at Members 1st well and greatly appreciate the care and commitment they have demonstrated to our staff at Williamsport as we have explored this transaction,” Dinneen said. “We encourage our Williamsport members to affirmatively support this spinoff transaction, and we will work diligently to ensure a smooth transition to the Members 1st family. This spinoff will allow First Harvest to better focus on investing in, and serving, our core legacy Southern New Jersey market.”
Members 1st will retain the branch’s staff and will provide training, benefits and career development opportunities, the credit unions said.
Added Members 1st President and CEO Mike Wilson in a statement, “I am thrilled at the prospect of welcoming the Williamsport First Harvest employees and members into the Members 1st family. We are excited to serve these members with both consumer and commercial small business opportunities to help them along their financial journey.
‘What CU Movement is About’
“Opportunities such as this are exactly what the credit union movement is about– people helping people,” Wilson continued. “By collaborating with First Harvest on this transition, we will be able to deliver unparalleled experiences to their Williamsport-based members and employees and give them access to our nearly 60 branches, our expansive network of surcharge-free ATMs and our robust digital banking platform.”
If approved, the transaction is expected to close in the third quarter of 2024.
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