The $8.6 million Grove Community Federal Credit Union in Greencastle, Pa., intends to merge with the $1 billion Corning Federal Credit Union in Corning, N.Y. later this year.
In a prepared statement, GCFCU said it has experienced economic and regulatory challenges.
GCFCU's total loans have declined from $5.4 million in 2009 to $3.1 million in 2013, according to NCUA financial performance reports. In those same years, the credit union's net worth also fell from 8.09% to 6.88%.
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