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The $1 billion First Commonwealth Federal Credit Union in Allentown, Pa., has acquired the $42.8 million, Phillipsburg, N.J.-based Baker Federal Credit Union, effective today, according to an announcement from First Commonwealth.
The official acquisition announcement came about two months after the credit unions' members voted in favor of the merger at a special meeting held on Feb. 7. From now until Aug. 1, 2022, when all Baker accounts and members are scheduled to be fully transitioned to First Commonwealth's systems, Baker will be known as "Baker Federal Credit Union, a division of First Commonwealth Federal Credit Union." Effective today, First Commonwealth has assumed the assets, share deposits and liabilities of Baker FCU, and has absorbed all the select employee groups previously served by Baker, according to the announcement.
As a result of the acquisition, First Commonwealth will gain its 12th retail branch – and its first in New Jersey – with the conversion of Baker's sole financial center in Phillipsburg, N.J., which is being planned for later this year. In addition, First Commonwealth now serves a field of membership of over 74,000 members and 1,800 select employer groups as a result of its acquisition of Baker. First Commonwealth previously served approximately 70,000 members.
Donna LoStocco First Commonwealth President/CEO Donna LoStocco, who has led the credit union for six years, will serve as president/CEO of the combined organizations. Some of Baker's current board members will continue to serve in an advisory role for a period following the merger, according to First Commonwealth.
Baker originally formed in 1961 for the employees of the former JT Baker Chemical Company located in Phillipsburg, and in 2008, the credit union expanded to serve anyone who lives, works, worships or attends school in New Jersey's Warren County, according to Baker's website.
"We are honored and excited to welcome Baker members and employees to our First Commonwealth family, and for the opportunity to serve consumers and businesses within Warren County," LoStocco said in a prepared statement. "Through this partnership, we will offer consumer and business members in New Jersey an enhanced and personalized banking experience by bringing together best practices of both credit unions, including optimizing and expanding member convenience through the latest in digital banking, contact center, financial center and ITM technology, as well as diversification of consumer and business product and service offerings. As we join forces, we will be able to do more good, for more people."
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
