Philadelphia-based American Heritage Credit Union has completed its merger with Apex Federal Credit Union.
Bill McKenna, vice president of marketing at American Heritage FCU, told Credit Union Journal by email that the merger was finalized on Oct. 1, however the final consolidation of accounts and systems was not completed until Nov. 1.
Prior to the merger, Apex FCU had more than 4,700 members and almost $41 million assets.
The $2 billion-asset American Heritage has taken control of Apex’s primary branch location in Stowe, Pa., which is located near Pottstown, about 45 miles northwest of Philadelphia.
McKenna also indicated that "All former Apex staff members have joined the American Heritage family."
Bruce Foulke, president and CEO of American Heritage, said he hopes that this merger “not only gives the members of Apex a revolutionary member experience, but also the opportunity to serve communities surrounding the Pottstown, Pa., area.”
Apex generated a net income of about $153,000 in 2016, up from about $92,000 in the prior year. Meanwhile, American Heritage earned more than $13 million last year, after recording net income of about $11 million in 2015.
