First Commonwealth Federal, Bellco Federal Credit Union to merge
Pennsylvania-based credit unions First Commonwealth Federal Credit Union (FCFCU) and Bellco Federal Credit Union have announced their intention to merge.
The financial terms of the deal were not disclosed.
When merged, the credit unions will operate as First Commonwealth Federal Credit Union. The enlarged bank holding company will have assets of over $1.3 billion and more than 92,000 members.
By bringing together the two banks, their members will be able to access to a range of expanded offerings and services, the most advanced technology in digital banking, and top-of-the-line member service at 14 financial centers including their contact center and ATM/ITM network.
Donna LoStocco — First Commonwealth Federal Credit Union President/CEO said: “First Commonwealth Federal Credit Union is thrilled to welcome Bellco members and employees through this merger.
“With shared values rooted in the wellbeing 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 Federal Credit Union is a member-owned, not-for-profit financial services cooperative with assets of over $1 billion. Headquartered in Allentown, the credit union serves around 78,000 members and 1,800 businesses from Berks County, Pennsylvania to Warren County, New Jersey from 1959 onwards.
Bellco Federal Credit Union, which is headquartered in Wyomissing, is a not-for-profit federal credit union that caters exclusively to its members in Wyomissing and Sinking Spring in Pennsylvania.
Tom Gosling — Bellco Federal Credit Union President/CEO said: “As a member-owned Community financial cooperative, our members are our top priority.
“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, NJ, and Berks County.”
The proposed merger deal, which is anticipated to close in H1 2024, is subject to approval from the National Credit Union Administration (NCUA) and membership of Bellco Federal Credit Union.