PHILADELPHIA–Plans by two CUs in Pennsylvania to merge have been announced, while two other CUs in Michigan say their combination is now complete.
In Philadelphia, the $3.6-billion American Heritage Federal Credit Union said it is seeking to merge in Warminster, Penn.-based Viriva Community Credit Union.
Viriva, founded in 1936, has about $83 million in assets, $33 million in loans, three branches, over 8,100 members and 25 employees.
American Heritage CEO Bruce Foulke said the merger is approximately the 40th for American Heritage, with most of its prior mergers involving CUs of less than $1 million in assets. The credit union has grown to its current size from $1.7-billion in assets in 2016.
Foulke told local media Viriva CEO James F. McCaw was retiring and called him to discuss the possibility of a deal, which still needs regulatory and membership approval. Viriva has referred mortgage and commercial lending to American Heritage for over 15 years and Foulke said the two credit unions also have a good relationship.
Viriva Community CU has approximately 8,100 members.
Merger in Illinois
Separately, in Illinois, Partnership Financial Credit Union said it has completed its merger with Leyden Credit Union. The combined credit unions will operate under the Partnership Financial CU name and have almost 16,000 members and more than $350 million in assets.
While PFCU CEO Mary Ann Pusateri will continue in her role, LCU CEO David Lukas will serve as interim president. The combined credit union will now employ 56 people in six offices in the Chicagoland suburbs.
"The partnership of our two strong, healthy credit unions will provide us with the scale we need, to innovate and to dedicate resources to deliver exceptional member experiences, both in-person and digitally," Pusateri said.