Credit unions in Pennsylvania and Florida announced new merger plans and credit unions in North Carolina completed a consolidation.
The $105 million Cornerstone Federal Credit Union in Carlisle, Pa., said Thursday it plans to merge with the $451 million Belco Community Credit Union in Harrisburg.
If approved by Cornerstone FCU members and state and federal regulators, the consolidation is expected to close in the fall of 2017. The combined credit union will manage more than $556 million in assets and serve nearly 64,000 members.
The Belco Community CU name will remain once the merger is completed though leaders from both credit unions are working out the details on how to preserve the Cornerstone brand and its longstanding legacy, according to a joint statement.
Amey Sgrignoli, president/CEO of Belco Community, will remain as the CEO of the combined credit unions and Sam Glesner, president/CEO of Cornerstone, will join Belco’s executive team. His role, however, has not been determined.
No branch will close because of the merger and the approximate 200 employees from both credit unions will be retained.
The $120 million Martin Federal Credit Union in Orlando, Fla., said Friday it intends to merge with the $2.6 billion MIDFLORIDA Credit Union in Lakeland.
Martin FCU members will vote on whether to approve the merger in February 2017. The consolidation also needs state and federal approvals.
Kevin Jones, president/CEO of MIDFLORIDA CU, said in a prepared statement that the merger will enable the credit union to “infill locations and connect MIDFLORIDA’s coast–to-coast branch network to more fully serve all of mid or central Florida.
Dan Kelley, president/CEO of Martin FCU, will become an Orlando market president of MIDFLORDA CU and will be responsible for the branch network and operations.
Martin FCU’s four branches are expected to remain open and its 45 employees are expected to be retained.
Chartered in 1978, Martin FCU serves 13,382 members.
On Nov. 2, the $43 million Freedom Federal Credit Union in Rocky Mounty, N.C., completed its merger with the $2.7 billion Coastal Federal Credit Union in Raleigh, N.C.
The merger gives Coastal FCU, 8,300 Freedom FCU members, 13 employees and four additional branches.
