The $480 million First Commonwealth Federal Credit Union of Lehigh Valley, Pa., said Wednesday it has completed a merger effective Nov. 1 of the ailing Dixie Cup Employees FCU of Easton.
The consolidation of the $1.2 million Dixie Cup is the first for First Commonwealth in three years and does fit ongoing problems of small CUs "in Pennsylvania and elsewhere coming under pressure" of market conditions, said Jo Ann Broderick, president/CEO of First Commonwealth.
Dixie Cup with 500 members and serving employees of the products firm in nearby Forks Township had been asked by NCUA to seek a merger partner, Broderick said. Talks with Dixie Cup CU had begun last April. The CU had a net loss of $45,000 in 2009 and its losses through the third quarter were at $43,000.
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