Members of Philadelphia Mint Federal Credit Union have voted to merge with TruMark Financial Credit Union.
In July 2017, Fort Washington, Pa.-based TruMark attempted to acquire Philadelphia Mint FCU, but withdrew the application three months later according to the Philadelphia Business Journal. TruMark re-applied for the merger a few weeks ago.
The credit union did not respond to Credit Union Journal’s request for comment regarding the re-application in time for publication.
“TruMark Financial is eager to provide Philadelphia Mint Federal Credit Union members the same excellent service and quality products our current members experience,” TruMark Financial Chief Executive Officer Richard F. Stipa said in a statement.
The acquisition of Philadelphia Mint will expand TruMark’s presence in Southeastern Pennsylvania, a region that is home to about one third of the state's population, according to Southeast PA Area Health Education. Currently, TruMark holds about $2 billion in assets and serves more than 115,000 members across its 23 branches. Meanwhile, Philadelphia Mint holds $710,000 in assets, serving just 340 members.
For the quarter ending June 30, TruMark reaped $1.4 million in net income while Philadelphia Mint FCU continued to run in the red.
The credit union alternated between “well-capitalized” and “adequately capitalized,” but was listed as “well-capitalized” in is most recent call report.
