The financially troubled $77 million CTCE Federal Credit Unionin Reading, Pa., will merge with the $3.2 billion Visions Federal Credit Union in Endwell, N.Y., on Dec. 1,according to a VFCU statement.

CTCE FCU's net worth has plunged from 7.65% in 2008 to 3.76%, atthe end of the third quarter 2013, according to NCUA financialperformance reports. The credit union also has posted decliningloan, fee and investment income for more than four years, whichcontributed to its total net income losses of $2.7 million fromDecember 2009 to Sept. 30, 2013, NCUA financial performance reportsshow.

Chartered in 1970, CTCE FCU served employees and families ofCarpenter Technology Corp. Over the years, the cooperative openedits members to other select employer groups.

CTCE FCU serves 12,242 members. Post merger, the credit union'sfour branches will remain open, VFCU said.

“This merger opportunity will not only provide our membershipwith greater access to resources in Pennsylvania but will allow usto grow within that region while providing the CTCE members withimproved rates, enhanced product selections, and additionalservices,” Tyrone Muse, VFCU president/CEO, said in a preparedstatement. “We look forward to continuing CTCE's rich history ofsupporting the community and are excited about the future of ourcombined organization.”

Serving 155,709 members, VFCU operates about 30 branches in central New York State,northern Pennsylvania and northern New Jersey.