2 Pennsylvania credit unions to merge
Two Pennsylvania credit unions are merging.
First Commonwealth Federal Credit Union in Allentown and Bellco Federal Credit Union in Wyomissing said on Wednesday that they have jointly agreed to merge, pending approval from the National Credit Union Administration (NCUA) and Bellco’s membership.
According to a news release, the merger is expected to be completed during the first half of 2024.
Officials said that the credit unions, when merged, will do business as First Commonwealth Federal Credit Union, with combined assets of more than $1.3 billion and more than 92,000 members.
By bringing the two credit unions together, officials said their members will have access to expanded products and services, digital banking technology and member services at 14 financial centers.
“As a member-owned community financial cooperative, our members are our top priority,” Bellco Federal Credit Union president and CEO Tom Gosling said in the news release. “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, N.J., 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,” Gosling continued.
First Commonwealth Federal Credit Union president and CEO Donna LoStocco added, “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,” LoStocco went on to say.
For additional information about the First Commonwealth Federal Credit Union and Bellco Federal Credit Union merger, visit firstcomcu.org/Bellco.