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News Now

CU System
Personal Care America FCU Fairfield University EFCU merge
TRUMBULL, Conn. (7/20/10)--Personal Care America (PCA) FCU has merged the struggling Fairfield University Employees FCU (FUE FCU), a $2.2 million asset credit union, into its membership, according to a press release from Personal Care America. The merger, approved by the National Credit Union Administration June 30, was effective Friday. Both credit unions are based in Trumbull, Conn., although PCA FCU also has offices in Fairfield, Conn., and Jefferson City, Mo. PCA FCU has assets totaling $18 million and will serve more than 3,600 members in Connecticut and Missouri. NCUA noted it approved the merger because Fairfield was in "poor financial condition." according to its monthly insurance report. PCA FCU also has added students of Fairfield University and Fairfield Preparatory High School to its field of membership. The addition brings about 6,000 potential new members to the credit union. John E. Keet Jr., president/CEO of PCA FCU, said the merger brings an expanded suite of services including electronic services and on campus ATMs. He also welcomed two FUE FCU board members--Vice-Chairman Michael Tortora and Treasurer Philip Lane to PCA's board. "The decision to merge was not an easy one, but in light of the economic downturn, several loan defaults and investment losses, we had to do what was best for our membership, so they could continue to access credit union services locally," said Tortora.


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