The financially troubled $77 million CTCE Federal Credit Union in 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%, at the end of the third quarter 2013, according to NCUA financial performance reports. The credit union also has posted declining loan, fee and investment income for more than four years, which contributed to its total net income losses of $2.7 million from December 2009 to Sept. 30, 2013, NCUA financial performance reports show.
Chartered in 1970, CTCE FCU served employees and families of Carpenter Technology Corp. Over the years, the cooperative opened its members to other select employer groups.
CTCE FCU serves 12,242 members. Post merger, the credit union’s four branches will remain open, VFCU said.
“This merger opportunity will not only provide our membership with greater access to resources in Pennsylvania but will allow us to grow within that region while providing the CTCE members with improved rates, enhanced product selections, and additional services,” Tyrone Muse, VFCU president/CEO, said in a prepared statement. “We look forward to continuing CTCE’s rich history of supporting the community and are excited about the future of our combined organization.”
Serving 155,709 members, VFCU operates about 30 branches in central New York State, northern Pennsylvania and northern New Jersey.