Members of the $7 million Community of Healthcare Employees Credit Union in Chambersburg, Pa., will be meeting April 12 to vote on a proposal to merge with the $441 million Patriot Federal Credit Union, also in Chambersburg.
Although CHECU is financially sound, serving its geographically diverse membership is challenging because of the credit union’s size and limited resources, said CHECU Board Chair Dennis Travers.
“These limitations prevent the credit union from being able to fully serve the needs of all of its members as well as we would like,” Travers wrote in a recent letter to members. “After careful consideration, the board came to the strategic conclusion that a merger with Patriot Federal Credit Union was the best option for the entire membership.”
Though CHECU’s branch office would close, the credit union’s three employees would continue to work for Patriot FCU, the credit unions said.
If members approve the merger, CHECU will file documents with regulators for review and final approval, after which a final merger date will be set.
Founded in 1973 as the Chambersburg Hospital Employees Credit Union, it was located in several small offices throughout the hospital. Over the years additional employee groups joined the credit union and the name was changed to Community of Healthcare Employees in April 1996 and a main office was opened in June 2001.