CHADDS FORD, Penn.–The $23-million Wawa Employees Credit Union said it is moving forward with its merger with the $1.6-billion Franklin Mint FCU following approval by both credit unions and a vote by members of WECU.
The credit unions said NCUA and the Pennsylvania Department of Banking and Securities have signed off on the combination.
“FMFCU is excited to expand our field of membership by merging with the employee credit union of a renowned, locally-headquartered company,” said President and CEO Michael B. Magnavita. “We look forward to building upon the outstanding level of service WECU provided member-owners for 45 years.”
FMFCU said it plans on retaining current WECU employees and keeping the current WECU branch open.
As CUToday.info earlier reporter here, Wawa Employees said in its disclosure to members, “WECU has served our member-owners for 45 years period however, small credit unions face unprecedented regulatory, cyber security, and economic pressures to remain viable and profitable.” It noted the merger will significantly expand the offerings to members.
Net Loss Reported
Wawa Employees reported a net loss of $34,893 at year-end with net worth of 7.25%. WECU said there are no plans to distribute any net worth, nor will there be any merger-related compensation for anyone.
Franklin Mint CU reported $12.961 million in net income and net worth of 7.70% on its most recent call report.
The merger completion date is June 2, 2022.
Don’t Forget to Check the Spam Folder!
Don’t forget to check your Spam/Junk email folder if you didn’t receive your free, popular and daily CUToday.info news headlines on Monday.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.