Members of the $15 million ClearChoice Federal Credit Union of Wyomissing, Pa., have voted in favor of the credit union’s proposed merger with Utilities Employees Credit Union, which is also based in Wyomissing.
The transaction is expected to be complete effective November 30, 2017, with operations combined in January 2018.
The combined institution will result in UECU serving nearly 47,000 utility and energy employees and their families throughout the U.S., with assets totaling $1.2 billion.
The merger already received initial approval earlier this year from the boards of directors of both credit unions. Regulatory approvals for the merger were received in September 2017 from the Pennsylvania Department of Banking and Securities and the National Credit Union Administration.
All ClearChoice FCU employees will join the UECU staff. The ClearChoice FCU branch in Wyomissing will remain open until January 5, 2018.
“UECU has been serving employees in the utility and energy industries for over 80 years,” said Patricia Zyma, UECU’s president and CEO, in a statement. “We look forward to building our relationships with the ClearChoice utility and energy select employee groups and other partner companies, as we welcome the ClearChoice members and credit union employees to the UECU family”
ClearChoice FCU posted net income of about $56,300 in 2016, after recording about $93,100 in the prior year. UECU recorded net income of about $6.5 million in each of 2016 and 2015.
