The $500 million Freedom Credit Union in suburban Philadelphiasaid it considers its recent practice of mergingstruggling church peers just another example of industrysupport.
|This week, the Warminster, Pa., CU said it has welcomed 158 newmembers of the tiny Crestmont Baptist FCU of Willow Grove, CU. The credit union has $90,000 in assets and had approachedFreedom last year after it had opened a new branch in Abingdon.
|“They've felt the brunt of compliance and saw a merger with usas a strategic step,” said Lee MacMinn, Freedompresident/CEO.
|Last year Freedom merged another Baptist church's creditunion, the $200,000 Salem CU, ”and we will have another smallchurch merger soon,” MacMinn said.
|Freedom, he said, has no intention of soliciting otherPennsylvania church CUs for potential mergers but when all elsefails, such a step can be the optimum course.
|“As a larger credit union, we're willing to pitch in where wecan,” MacMinn said.
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