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Benchmark Federal Credit Union and Franklin Mint Federal Credit Union have announced a definitive merger agreement that will combine the two Pennsylvania-based financial cooperatives, pending regulatory approval and a vote by Benchmark members. The merger is expected to be finalized in early 2026.
A spokesperson said the membership vote is expected to take place in the fourth quarter of 2025.
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The partnership united two mission-driven institutions, enhancing service capabilities, expanding branch and ATM access, and bringing greater financial education resources to members. With over $1.8 billion in assets, Franklin Mint Federal Credit Union (FMFCU) is among Pennsylvania’s largest credit unions and will absorb Benchmark’s $300 million in assets and 9,000 members.
“Joining forces with Franklin Mint Federal Credit Union allows us to deliver even greater value to our members, including broader service offerings, enhanced digital tools, and access to a larger branch and ATM network,” Daniel J. Machon, Jr., president/CEO of Benchmark, said. “Most importantly, FMFCU shares our core values, member-first philosophy and commitment to the communities we serve.”
FMFCU President/CEO Michael Magnavita, CPA, emphasized the strategic importance of the merger, stating, “This partnership not only supports our long-term strategic vision but also reinforces our commitment to building relationships, empowering members, and strengthening businesses and communities — all while enhancing our ability to deliver financial wellness and innovation.”
Following the merger, the combined credit union will operate under the Franklin Mint Federal Credit Union name and leadership. BFCU members will continue to be served by familiar staff, with efforts focused on a seamless transition.
FMFCU currently serves 148,000 members through 17 branches and more than 6,000 partner organizations, while Benchmark has a longstanding presence in Chester County since its founding in 1940. Members of both institutions will receive updates and information throughout the integration process.
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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.
