Members of the $7 million Community of Healthcare Employees Credit Union in Chambersburg,Pa., have approved to merge with the $441 million Patriot Federal Credit Union, also in Chambersburg.
|Of the 28 members who cast votes at a special meeting last week,21 voted in favor, seven voted against, according to CHECU. Thecredit union has 1,735 members.
|The merger still needs to secure approvals from state andfederal regulators.
|Although CHECU is financially sound, serving its geographicallydiverse membership is challenging because of the credit union'ssize and limited resources, CHECU Board Chair Dennis Travers hassaid.
|If the merger is approved by regulators, CHECU's branch officewill close and the credit union's three employees will continue towork for Patriot FCU, the credit unions said.
|Founded in 1973 as the Chambersburg Hospital Employees CreditUnion, it was located in several small offices throughout thehospital. Over the years, additional employee groups joinedthe credit union and the name was changed to Community ofHealthcare Employees in April 1996 and a main office was opened inJune 2001.
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