TRUMBULL, Conn.-Personal Care America FCU has completed its merger with Farrel Employees FCU, resulting in a combined CU with more than $20 million in assets.
The CU-which will continue to operate under the PCA FCU banner-serves more than 4,200 members throughout Connecticut, Missouri and Arkansas. FEFCU's branch was relocated from the Farell manufacturing plant to Ansonia, Conn., and the CU recently held a grand-opening celebration featuring the mayor, state representatives and senators, and other dignitaries.
"We are very excited about the combination of the two credit unions," PCA FCU president/CEO John E. Keet Jr. said in a statement. "I am confident that the members of FEFCU will find our expanded services both convenient and cost effective."
Despite the merger, plenty of challenges remain for the tiny CU. According to its most recent Call Report, PCA FCU has just under $8 million in loans on the books, with nearly half of that concentrated in unsecured lines of credit, along with a handful of mortgage loans. Personal Care Employees FCU earned just over $12,000 last year.
