Pennsylvania Credit Unions Plan to Consolidate in 2024
If membership and NCUA approvals are secured, Bellco FCU would merge with First Commonwealth FCU.
Two Pennsylvania credit unions, the $1.1 billion First Commonwealth Federal Credit Union in Allentown and the $169 million Bellco Federal Credit Union Wyomissing, plan to merge in 2024.
“By joining forces with First Commonwealth Federal Credit Union, our members will have access to additional products and services, and a growing network of financial centers and ATMs/ITMs across the Lehigh Valley, Warren County, N.J., and Berks County,” Bellco President/CEO Tom Gosling said in a prepared statement. “Bellco’s community impact will be amplified through First Commonwealth’s We Thrive Foundation, corporate social responsibility initiatives and volunteerism. These benefits are a win for our members and the communities we serve.”
If the proposed consolidation wins approvals from Bellco’s members and the NCUA, it may be completed during the first half of next year.
Bellco’s 34 employees run two branches and serve more than 13,000 members. First Commonwealth’s 225 employees operate 12 branches and serve nearly 78,000 members.
The combined organization would manage $1.2 billion in assets, operate 14 branches and serve more than 91,000 members.
“With shared values rooted in the well-being of our members and communities, complementing retail footprints and strong financial positions, this partnership is a natural fit for both organizations’ members, employees and communities.” First Commonwealth President/CEO Donna LoStocco said in a prepared statement.