WYOMISSING, Penn. –Two Keystone State credit unions have announced plans to merge.
The $169.3-million Bellco Credit Union said it will ask its members to vote on a merger with the $1.1-billion First Commonwealth Credit Union in Allentown, Penn.
Should the Bellco CU membership approve the combination, the merger is expected to be completed in the first half of 2024, according to the credit unions.
“By bringing the two credit unions together, their members will have access to expanded products and services, the latest digital banking technology, and best-in-class member service at 14 financial centers,” First Commonwealth’s contact center, and its ATM/ITM network, the credit unions said.
Additional Access to Services
"As a member-owned community financial cooperative, our members are our top priority,” said Tom Gosling, Bellco FCU president/CEO. “By joining forces with First Commonwealth Federal Credit Union, our members will have access to additional products and services, and a growing network of financial centers and ATMs/ITMs across the Lehigh Valley, Warren County, NJ, and Berks County. Bellco's community impact will be amplified through First Commonwealth's We Thrive Foundation, corporate social responsibility initiatives, and volunteerism. These benefits are a win for our members and the communities we serve.”
‘Shared Values’ Cited
Added Donna LoStocco, president and CEO with First Commonwealth, "First Commonwealth Federal Credit Union is thrilled to welcome Bellco members and employees through this merger. With shared values rooted in the wellbeing of our members and communities, complementing retail footprints, and strong financial positions, this partnership is a natural fit for both organizations' members, employees, and communities”
Bellco CU has approximately 13,398 members and reported $194,055 and capital of 7.93% as of Q1 First Commonwealth has approximately 78,000 members and posted $1.931 million in net income with capital of 10.4% as of March 31.
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