SPARKS, Md.–Two Maryland credit unions have announced their merger has been completed.
First Financial FCU said it has merged in Wor-Co FCU, an education-based credit union on the Eastern Shore of Maryland that served the Somerset and Worcester Public School systems, as well as several businesses, and healthcare facilities in the area.
First Financial now serves four school systems throughout Maryland, and more than 90 select employer groups within their service region.
“Having the common bond as education-based credit unions, the merger between First Financial and Wor-Co is a very natural fit,” said Eric Church, First Financial FCU president/CEO. “We are excited to welcome aboard the members of Wor-Co Federal Credit Union, and look forward to being a part of their community.”
As CUToday.info reported earlier, Pocomoke City, Md.-based Wor-CO had $2.6-million in assets and approximately 612 members. First Financial had $1.24-billion in assets prior to the merger.
In its member disclosure filed with NCUA, Wor-Co cited improved products and services, but also said the “combined credit union will also bring its strong social responsibility to the communities served by Wor-Co FCU through volunteer service, financial education and grants and donations to individuals, families and the community.
At year-end 2021, Wor-Co FCU reported a net loss of $17,773 with net worth of 9.20%, while as of Sept. 30, 2021, First Financial reported $2.1 million in net income and a robust net worth of 17.63%.
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