Penn. Merger Will Create Near-$1-Billion CU
Citadel FCU and Atlantic CU have announced plans to merge and form a credit union with assets approaching $1 billion.
The new organization will retain the Citadel name and will be approximately $950 million in asset size, serve more than 100,000 members and employ more than 300 people. Citadel will be the second largest credit union in the region, the third largest in Pennsylvania.
The merger is expected to close in early 2005.
"The combination of Citadel Federal Credit Union and Atlantic Credit Union is a merger of strengths and shared focus," said Jeff March, CEO and President of Citadel. March will remain CEO of the merged institution.
Bob Edmondson, president of Atlantic Credit Union, will serve as president and chief operating officer after the merger. "It expands our ability to provide a best-in-class banking experience for members, continued growth opportunities for employees, and a continued, growing commitment to the communities we serve," said Edmondson.
Credit union officials cited the ability to offer more branches and contact center representatives; and the ability to expand lines of business into areas such as investments and insurance; as reasons for the merger.
Citadel currently serves approximately 85,000 members in Chester County and the city of Lancaster. Atlantic Credit Union, headquartered in Newtown Square, Penn., has 32,700 members from 270 Select Employer Groups and their families.