WASHINGTON, Penn.—Two credit unions here have merged.
The $170-million CHROME Federal Credit Union has merged in the $35-million Pittsburgh Central Federal CU. The move means 5,700 new members for CHROME FCU, as well as 10 new employees and a new branch in Allegheny County, Penn.
There will be no layoffs at Pittsburgh Central as a result, and CHROME FCU said it will also be remodeling the new location to fit the branding and culture of its other retail stores.
CHROME reported it has previously expanded its field of membership to include Allegheny County, as well as Beaver and Butler counties. It now serves a five-county area that includes the greater Pittsburgh metropolitan area and touches more than 3.5 million people.
“We are very excited to collaboratively join together with CHROME,” said former Pittsburgh Central President/CEO Patricia Morrissey, who now serves as CHROME’s CFO. “Our members will now have access to a variety of new products and services, in addition to enhanced digital services. This creates greater efficiencies for both organizations and most importantly will continue to generate more long-term value for all members.”
Since December 2012, CHROME, formerly known as Washington Community FCU, has grown from $112 million in assets to its current $170 million. The credit union said it is in discussions with other institutions regarding mergers, and aims to grow assets to $500 million in the next five years, said CHROME President/CEO Christopher George.
“It’s imperative that credit unions transform themselves into modern, effortless financial services providers that not only leverage the latest technology, but also help members meet their financial goals,” George said. “We are revolutionizing banking, moving past mere products and services to create a new state of mind.”
CUToday.info previously profiled CHROME.