Two small Pennsylvania credit unions are set to merge, having received approval from the National Credit Union Administration.
CityMark Federal Credit Union in Wilkes-Barre is set to absorb People’s Choice FCU, a $6 million-asset shop serving just 1,100 members. The combined institution will hold about $56 million in assets and serve 3,800 members.
CEO Tina Dolgash, who has led People’s Choice for the last 28 years, is set to retire following completion of the merger, which is expected to wrap up during Columbus Day weekend in October. First, however, members of both institutions will vote on the transaction. The vote is currently scheduled for Sept. 19.
With Dolgash retiring, CityMark CEO Joseph Gimble will lead the combined organization. CityMark expects to keep People’s Choice’s Duryea location open “for the foreseeable future,” according to an announcement published by the Pennsylvania Credit Union Association.
People’s Choice incurred a loss of about $6,500 during the first two quarters of the year, a stark change from net income of almost $9,000 it pulled in during the first half of 2018. It finished the year with net income just over $10,000.
CityMark earned just over $500,000 during the first half of 2019, up from $398,000 during the first two quarters of 2018.
