WASHINGTON, Pa. – CHROME Federal Credit Union has been on a growth run over the past two years, which continued in October when $35 million Pittsburgh Central Federal Credit Union was merged into $170 million CHROME FCU.
The merger, announced Monday but effective Oct. 1, gave CHROME FCU 5,700 new members, 10 new employees and a new location in Allegheny County, Pa. All Pittsburgh Central employees were offered positions with CHROME. The credit union said it will remodel its new location to "fit the branding and culture of its other retail stores."
CHROME FCU previously expanded its field of membership to include Allegheny County, as well as Beaver and Butler counties. It now serves a five-county area that includes the greater Pittsburgh metropolitan area, with a potential membership pool of more than 3.5 million people.
CHROME FCU's management team said the merger with Pittsburgh Central FCU is a continuation of its growth plan. In December 2012, the credit union – then known as Washington Community FCU – had only $112 million in assets. In 2014, the credit union gained a new leadership team, which in 2015 rebranded as CHROME FCU. The credit union says the new name is a nod to its steelworker legacy and commitment to providing members with a strong and simple institution that lives up to the promise of banking that shines.
On Monday, Christopher George, CHROME's president and CEO, released a statement saying it is discussing additional mergers with other institutions, and aims to grow assets to $500 million in the next five years.
"It is imperative that credit unions transform themselves into modern, effortless financial services providers that not only leverage the latest technology, but also help members meet their financial goals," George said. "We are revolutionizing banking, moving past mere products and services to create a new state of mind."
Patricia Morrissey, former president and CEO of Pittsburgh Central FCU, now serves as CHROME FCU's chief financial officer.
"We are very excited to collaboratively join together with CHROME," Morrissey said. "Our members will now have access to a variety of new products and services, in addition to enhanced digital services. This creates greater efficiencies for both organizations and most importantly will continue to generate more loan term value for all members."
