BROOMALL, Penn. – Franklin Mint FCU, which has branches in nine area hospitals, yesterday said it has agreed to acquire Main Line Health Employees FCU, a $52 million credit union serving the local health insurance provider.
Franklin Mint President John Unangst said the roots of the merger were planted in January 2007, when Riddle Health System became part of Main Line Health. He said Franklin Mint is the credit union for employees at Riddle, as well as the Crozer and Mercy health systems. But Main Line Health already had its own credit union, so the two sides began negotiations.
Main Line Health Employees President Frank Dougherty will stay with the combined entity and will be in charge of the three Main Line Health locations as well as a free-standing location Franklin Mint plans to add in the coming year.
Franklin Mint FCU, chartered in 1970, has $600 million in assets and 28 branches, nine in local hospitals and five in local high schools.
