Grove Community FCU to Merge with Corning FCU
The $8.6 million Grove Community Federal Credit Union in Greencastle, Pa., intends to merge with the $1 billion Corning Federal Credit Union in Corning, N.Y. later this year.
In a prepared statement, GCFCU said it has experienced economic and regulatory challenges.
GCFCU’s total loans have declined from $5.4 million in 2009 to $3.1 million in 2013, according to NCUA financial performance reports. In those same years, the credit union’s net worth also fell from 8.09% to 6.88%.
What’s more, GCFCU’s loan income plummeted from $380,631 in 2009 to $174,374 in 2013, NCUA financial performance reports show. In those same years, the credit union posted a total net income loss of $159,870.
GCFCU expects to hold a member vote on the merger in the spring. The cooperative has 2,411 members.
Founded in 1966, GCFCU served the employees and families of Grove Worldwide LLC, a division of Manitowac, which manufactures mobile cranes and boom trucks. In 2001, the credit union expanded to a community charter.
Corning FCU currently serves 87,800 members.