Philadelphia's $1.4 billion TruMark Financial Credit Union said Tuesday it has agreed to take over the distressed $1.5 million Kenrick FCU in suburban Wynnewood.
Vincent Market, chief financial officer of TruMark Financial, said the NCUA had contacted TruMark several months ago about a merger for Kenrick, which had suffered capital quality problems.
“NCUA said Kenrick was looking for a partner and we agreed to help out,” said Market, whose 95,000-member, 14-branch credit union took over the NCUA-liquidated, $635,000 People for People Community Development CU in February in a purchase/assumption deal.
Trevose-based TruMark Financial last June also merged the $17 million Borinquen FCU after a conservatorship and cease and desist.
“We do feel an obligation to help out when it appears members might lose credit union services or when a credit union might close,” Market said. He said there are no other current merger prospects on the TruMark Financial list.
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