TruMark Financial Credit Union, a $1.8 billion institution based in Fort Washington, Pa., said that members of Dow Northeast Employees Federal Credit Union, a $20 million institution based in nearby Philadelphia, "overwhelmingly approved" a proposed merger of the two credit unions.
Under the deal, Trumark Financial CU will acquire Dow Northeast Employees FCU.
As a result of the transaction, the former members of Dow Northeast Employees FCU will gain an expanded branch network and a wider menu of financial products and services, including online and mobile banking, a mobile app with remote check deposit and access to a large surcharge-free ATM network.
Dow Northeast Employees FCU, founded in 1945, serves current and former employees of Rohm and Haas and Dow Chemical, as well as their families. According to its website, Dow Northeast Employees FCU is fully independent of the Dow Chemical, which is seeking to merge with DuPont Co.
"This collaborative partnership expands our branch network to 23 within the five-county Philadelphia area," TruMark Financial CU's chief executive officer Richard F. Stipa said in a statement.
