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News Now

CU System
Two mergers announced in Pa. and Minn.
STATE COLLEGE, Pa., and PLYMOUTH, Minn. (5/6/11)--Four credit unions--a pair in Pennsylvania and another pair in Minnesota--have announced intentions to merge. In Pennsylvania, $66 million asset SPE FCU, State College, Pa., will merge with Huntingdon County FCU (HCFCU), a $12 million asset credit union in Huntingdon, the credit unions announced Friday (Centre Daily Times May 5). SPE has 8,500 members, and HCFCU has about 2,200 members. HCFCU had pursued a partnership that would provide members access to more products and services at competitive prices. It also sought reassurance that all its employees would be retained by the surviving credit union. The boards at both credit unions unanimously voted to accept SPEFCU's proposal to merge. Earlier this year, SPEFCU fulfilled a regulatory requirement by obtaining a community charter for Huntingdon County. In Plymouth, Minn., TruStone Financial FCU, a $664 million asset credit union, announced Wednesday an agreement with Ukrainian CU, a $6 million asset credit union based in Minneapolis, to merge operations, pending approval from the National Credit Union Administration this summer. The boards of both credit unions unanimously approved the merger at their last meeting. Both credit unions will operate under the TruStone Financial FCU banner. Ukrainian CU President Oksana Bryn noted that the merger will benefit both credit unions' members. "We will be able to expand our product line, reduce costs and further strengthen our financial value and relationship," Bryn said, adding that TruStone will be able to serve its members in Northeast Minneapolis. Bryn will stay on as branch manager of the Northeast Minneapolis location. TruStone, founded in 1939 as Teacher FCU, will have eight branch locations in the Twin Cities area serving nearly 57,000 members throughout Minnesota. Ukrainian CU, founded in 1968 to serve the Ukrainian community, serves more than 1,245 members.


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