Second Church Credit Union Merger by Philadelphia Credit Union
The $500 million Freedom Credit Union in suburban Philadelphia said it considers its recent practice of merging struggling church peers just another example of industry support.
This week, the Warminster, Pa., CU said it has welcomed 158 new members of the tiny Crestmont Baptist FCU of Willow Grove, CU. The credit union has $90,000 in assets and had approached Freedom last year after it had opened a new branch in Abingdon.
“They’ve felt the brunt of compliance and saw a merger with us as a strategic step,” said Lee MacMinn, Freedom president/CEO.
Last year Freedom merged another Baptist church’s credit union, the $200,000 Salem CU, ”and we will have another small church merger soon,” MacMinn said.
Freedom, he said, has no intention of soliciting other Pennsylvania church CUs for potential mergers but when all else fails, such a step can be the optimum course.
“As a larger credit union, we’re willing to pitch in where we can,” MacMinn said.