Wyomissing-based Utilities Employees Credit Union (UECU) and NE PA Community Federal Credit Union of Stroudsburg have announced plans to merge pending regulatory approval and a positive NE PA membership vote.
If approved, the combined credit union would serve nearly 62,000 members and employ approximately 130 employees with four locations throughout Eastern Pennsylvania, UECU said.
NE PA and UECU said they 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. Together, they said they will focus on offering financial products that cater to the varied lifestyles of members, whether in person or virtually.
"We are excited to welcome NE PA Community members to the UECU family," said Bret Krevolin, president and CEO of UECU. "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."
Once approved, NE PA would be designated NE PA Community, a division of UECU. UECU said after the merger, “A thoughtful, independent and expert analysis” of the brand will be conducted to determine the name of the combined credit union.
“UECU has demonstrated consistent financial strength, ongoing innovation in its product and service offering, as well as a commitment to providing excellent member service,” said Mark T. Filbert, president and CEO of NE PA. We are united in purpose and rooted in local values. 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.”
UECU said it 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.
NE PA, which said it has been committed to serving its members with integrity, providing exceptional products and services, and supporting community involvement since 1960, said its members would gain access to a wider array of financial services, enhanced technology, and personalized support under the merger.
Krevolin would remain the president/CEO of the combined organization, UECU said. Filbert would remain with the organization in an executive consulting role. No employees would lose their jobs and no locations would be closed as a result of the merger.
As member-owned cooperatives, and under the guidelines of the National Credit Union Administration (NCUA), a full merger approval is contingent upon NE PA member approval. Upon that approval, the entities will legally join early in 2025.
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