First Commonwealth Federal Credit Union in Lehigh Valley, Pennsylvania, and Baker Federal Credit Union in Phillipsburg, New Jersey, have agreed to merge.
First Commonwealth, which has more than
“It became clear when I reached out to First Commonwealth, and through our due diligence process, that this merger was exactly what we were looking for and would indeed benefit everyone … we are thrilled to become part of the First Commonwealth family,” Sue Rodriguez, Baker Federal's president and CEO, said in a press release.
The newly combined credit union would operate under the First Commonwealth name, with BFCU’s headquarters going on to become First Commonwealth’s Phillipsburg Financial Center.
“As we continue to focus on smart growth and doing more good for more people, our partnership with Baker demonstrates our commitment to helping other credit unions find optimal pathways to continue to serve their members’ current and future financial needs while advocating for the credit union movement and its mission of people helping people,” Donna LoStocco, president and CEO of First Commonwealth, said in the release.
The voting period for members of BFCU to cast their decision on the deal begins Tuesday and concludes Feb. 7, when the credit union will host a special meeting to announce the results. Should the deal receive an affirmative vote, the National Credit Union Administration is expected to sign off on the merger April 1.
