The $896 million Corning Credit Union in New York acknowledgedWednesday it is completing an “emergency” merger of the $5.7million American Community FCU of Chambersburg, Pa. effective Jan.1.

The consolidation of the troubled American Community has been inthe works for the past several months, “working with theirexaminers on a solution,” said Jason Bierman, Corning's director ofcorporate development.

American Community has one branch and 1,600 members, retains3.80% net worth, and lost $17,000 last year and $41,000 through thefirst three quarters of 2011.

The merger of American Community would be the first for Corningin several years, said Bierman and given the “pattern impactingsmall credit unions, there could be more opportunities down theroad. But we have nothing specific at the moment.”

Corning, based in Corning, N.Y., has 16 branches, mostly insouthern New York. It has two branches in Pennsylvania, one nearPittsburgh and the other in Greencastle.

“Greencastle is about 10 miles from the American Communityoffice,” Bierman said, adding that would remain open.

A press release from Corning noted also that “both credit unions havecollaborated extensively over the past several months, during whichtime ACFCU has also been without a CEO.”