EAST LONGMEADOW, Mass.–Two Massachusetts credit unions have announced merger plans.
The $71-million Premier Source FCU, which has approximately 4,500 members, said it is seeking to merge into the $698-million Polish National Credit Union in Chicopee, Mass.
Plans call for the PSFCU headquarters to become the East Longmeadow branch of PNCU, where “members can expect the same familiar personnel and exceptional service combined with a broader offering of banking and convenience products,” the credit unions said in a statement.
“This is a win-win situation for both PNCU and PSFCU,” according to Jim Kelly, CEO of PNCU. “The joining of these two organizations makes sense for several reasons. First, we are able to grow our geographic presence and access for both members. Second, we are able to preserve the credit union culture by combining with a congenial partner, like PSFCU. And third, we are able to take advantage of the enhanced scale to focus on selecting the best systems and processes to benefit the credit union and our members going forward.”
Both CUs Well-Capitalized
Premier Source reported $321,081 in net income with capital of 13.24% as of Sept. 30. Polish National reported $5.3 million in net income and capital of 12.49% as of the same date.
The credit unions have not yet submitted disclosure forms required by NCUA related to any member payout of capital or compensation to members of the management team or board related to the merger.
In its statement Polish National said PSFCU members will now have access to seven branches.
“Since 1941, Premier Source Federal Credit Union has taken great pride in serving our community and our membership. It is not often you find organizations that support a member first philosophy and for that reason, it was in PSFCU’s best interest to merge with PNCU,” said PSFCU CEO Bonnie Raymond. “We are confident this will be a seamless transition and look forward to the many opportunities this merger will provide to our community and our members.”
Approvals Being Sought
The credit union said they are now seeking regulatory approval from the Massachusetts Division of Banks, NCUA and the Massachusetts Credit Union Share Insurance Corp.
If approved by members, plans call for completion of the merger in the Spring of 2022.