On Thursday, Utilities Employees Credit Union and ClearChoice Federal Credit Union announced an agreement to merge after unanimous approval by both boards.
Utilities Employees Credit Union is a $1.2 billion financial institution that serves 45,000 members nationwide from its headquarters in Wyomissing, PA. UECU is a virtual-service credit union, offering financial benefits to over 550 utility, energy and related companies across the United States.
ClearChoice Federal Credit Union is a $15.7 million financial institution that serves over 2,300 members from its location in Wyomissing, PA. ClearChoice was originally founded in 1957 as UGI Employees FCU to serve the employees of United Gas Improvement Company.
According to a joint statement, the consolidation of the two credit unions will provide the members of ClearChoice with greater member benefits, including highly competitive savings rates, free and interest-bearing checking options, nationwide ATM surcharge rebates, a comprehensive rewards program, investment services, and an expanded line of loan products that includes mortgages and student loans.
"We are excited to welcome ClearChoice members, and look forward to the opportunity to deepen our relationships with their utility and energy select employee groups and to build new relationships with other partner companies" said Patricia Zyma, UECU's President/CEO.
Louise Lingenfelser, President/CEO of ClearChoice commented, "The Board and Management are very excited to see the partnership with Utilities Employees and ClearChoice come to fruition. It's a natural fit, as both credit unions have the utility industry as our core field of membership. Not only will the ClearChoice members have access to UECU's extensive product line, services, and rates, they will also experience the exceptional personal service they have grown accustomed to over the past 60 years."
In addition to a vote by the members of ClearChoice Federal Credit Union, the merger is subject to approval from the NCUA and the PA Department of Banking and Securities. If approved, it is expected that the merger will be completed by the end of 2017.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
