HARRISBURG, Pa. -- In a vote of 259 to 38, the members of the Rite Aid Employees Credit Union voted to merge with Pennsylvania State Employees Credit Union.
Sparked by the inability to purchase the technology necessary to operate competitively in a progressive environment, RAECU's board recognized the need to find the right merger partner.
"Our credit union has taken great pride in the service that we have provided to our members over the past 25 years," said RAECU Board President Roland C. Lawrence. "PSECU already has the technology and is in a position to offer our members products and services that we could not offer."
With its strong presence in the Harrisburg area and reputation as a technology credit union, PSECU was a perfect match says Lawrence.
PSECU serves more than 335,000 members and has over $2.9 billion in assets.
RAECU's 1,100 members will officially join the PSECU family on March 1, 2008.