The $600 million Franklin Mint Federal Credit Union of Broomall, Pa., announced last week an agreement in principle to merge the $52 million Main Line Health Employees FCU of Bryn Mawr in a deal to be completed in the third quarter.
John D. Unangst, president/CEO of Franklin Mint, stressed the consolidation is subject to regulatory and member approval. He added that the merger removes member overlap and service duplication following a local hospital merger.
"This is a positive merger of two very healthy credit unions and is not done like some of those XYZ bank mergers you read about to take care of depleted capital," Unangst said.
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