Utilities Employees Credit Union to merge with NE PA Community FCU
Two Pennsylvania credit unions with decades of service to their members have announced plans to merge.
Utilities Employees Credit Union (UECU) and NE PA Community Federal Credit Union on Thursday announced what they describe as a “strategic partnership between two forward-thinking, healthy Pennsylvania-based credit unions.”
The board of directors of both credit unions recently voted in favor of the merger. The combination is pending the receipt of regulatory approval and a positive vote by the membership of NE PA. Approval by Berks County-based UECU’s membership is not required.
Once all approvals are received, the companies anticipate finalizing the merger in early 2025, with systems integration extending into 2025.
The combined credit union would serve nearly 62,000 members in Pennsylvania and nationwide, and employ approximately 130 employees with four locations throughout eastern Pennsylvania, according to the announcement.
The companies added that no employees will lose their jobs and no locations will be closed as a result of the merger.
Overall, the combined assets of the new entity would be approximately $1.45 billion. In a frequently asked questions section posted to UECU’s website Thursday, becoming a larger credit union would provide opportunities for the companies to leverage resources, position the companies for continued growth and increase efficiencies.
“We are excited to welcome NE PA Community members to the UECU family,” Bret Krevolin, president and CEO of UECU, said in a statement. “Together, we will continue to uphold our shared values of member-centricity, financial empowerment and community involvement. This merger represents a significant milestone in our collective journey to provide unparalleled value and service to our members.”
Krevolin will remain the president and CEO of the combined organization, while Mark T. Filbert, president and CEO of NE PA will remain with the organization in an executive consulting role.
According to the release, merging the two credit unions will be a win for both the members and community. The companies are committed to a shared vision of enhancing the member experience, expanding 24/7 services and strengthening the financial offerings for the communities they serve, the release stated.
Utilities Employees Credit Union has its headquarters in Spring Township, Berks County, and has been serving members for 90 years. The $1.3 billion credit union has 50,000 members across the country, and offers online and mobile banking services. Credit union membership is open to utility and energy employees and families nationwide, as well as Pennsylvania residents.
NE PA Community is headquartered in Stroudsburg, Monroe County, and has been serving its members for 64 years. The credit union serves more than 12,000 members, has more than $167 million in assets, and operates three locations — two in Stroudsburg and one in Brodheadsville in Monroe County.
“UECU has demonstrated consistent financial strength, ongoing innovation in its product and service offering, as well as a commitment to providing excellent member service. We are united in purpose and rooted in local values,” Filbert said in a statement. “NE PA is pleased to unite with UECU to further enhance our community impact, support local relationships, expand credit union services, and build a stronger, more resilient financial future for all.”
The merger is expected to provide NE PA members access to a wider array of financial services, enhanced technology and personalized support.
UECU has been rated a 5-star credit union by BauerFinancial for over 30 years and was recently recognized as one of the 100 best-performing credit unions in the nation by S&P Global Market Intelligence, according to the release.
As the merger process moves forward, the credit unions said they will provide information to their respective memberships through their websites (www.uecu.org and www.nepafcu.org) and through other communication channels.
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