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Community of Healthcare Employees Credit Union Merges with Patriot

April 12, 2013|By ROXANN MILLER | roxann.miller@herald-mail.com

CHAMBERSBURG, Pa. — Two Chambersburg-based credit unions merged their resources Friday following a rank and file vote.

The members of Community of Healthcare Employees Credit Union (CHECU) voted to approve the proposed merger of CHECU with Patriot Federal Credit Union during a special member meeting Friday in Chambersburg.

The merger will not be finalized until June when regulatory approval has been secured, according to Thomas Iacona, senior vice president of corporate communications for PFCU.

“We are very pleased to announce the approval of the merger by our members. We believe that the merger will benefit our members by partnering with the significant resources of Patriot Federal Credit Union,” said Jenna Kaczmarek, president and CEO of CHECU.

CHECU has approximately 1,800 members.

CHECU was founded in 1973 by employees of the Chambersburg Hospital. As additional healthcare employee groups joined the credit union, a main office was opened at 414 Phoenix Drive in Chambersburg.

“On behalf of our team, I want Patriot Federal Credit Union members and the local communities to know that we look forward to bringing together our two community credit unions and building upon the outstanding service members have come to expect with our strong capital position, comprehensive products and services, and a commitment to local decision-making,” said Peggy Bosma-LaMascus, president and CEO, PFCU.

PFCU was established in 1965 and has grown to become one of the largest credit unions in Pennsylvania, ranking in the top 5 percent in assets nationwide, according to company literature.

The merger will create a credit union with current assets of more than $457 million and more than 47,000 members, Iacona said in a written media statement.

“The main reason for the merger is to enhance the services, convenience and benefits to members of both credit unions and the communities we serve,” Iacona said.

“As a $7 million credit union, we simply cannot bring the benefits, access and financial strength to you as those of a combined financial institution,” he said.

A commitment has been made to retain 100 percent of the CHECU staff, Iacona said.

The current CHECU branch office on Phoenix Drive will be closed after the merger, he said.

But, banking customers will gain seven branch locations in the Cumberland Valley.

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