Citizens East CDCU Finds Suitor

PITTSBURGH – Citizens East Community Development Credit Union, the struggling CDCU that has been under merger pressure from NCUA because of its capital levels, has found a merger partner. The $45 million A-K Valley Federal Credit Union has agreed to merge with Citizen’s East, according to Patsy Austin, Citizen’s current manager. Austin said that A-K Valley will keep the branch, in economically depressed part of Pittsburgh, open and keep Austin on as branch manager. A-K Valley serves 224 select employee groups and is headquartered in Lower Burrell, a suburb north of Pittsburgh. No one from A-K Valley has yet become available to discuss the merger, which Austin says the two credit unions are striving to complete by the end of June. Citizen’s East’ struggle to remain open drew attention earlier this year when the credit union adopted the unusual tactic of soliciting credit unions nationwide by mail for support. “Since they are a full service credit union, there are some technical issues we will have to overcome,” Austin said. She pointed out that the computer systems do not appear to be compatible and that the credit union was going to need more space. “Right now we have about 500 square feet,” Austin said. “If there are more than three people in here, you really can’t move and you really need more space if you are going to offer the full range of credit union services.” Austin said she expects the credit union to be able to get more space in its current building.