Two Pennsylvania credit unions with a history of serving the energy and utility industries announced Wednesday they are merging at the end of the month.
On October 30, members of ClearChoice Federal Credit Union voted in favor of a merger with Utilities Employees Credit Union (UECU).
UECU has assets of $1.27 billion and is headquartered in Wyomissing, Pa. It is a “virtual service” credit union and serves 45,000 members across the nation.
ClearChoice has $15.4 million in assets and also is headquartered in Wyomissing, Pa.
The merger is expected to be effective Nov. 30, with all operations combined in January. It will result in UECU serving nearly 47,000 utility and energy employees and their families across the U.S.
“UECU has been serving employees in the utility and energy industries for over 80 years,” said UECU President/CEO Patricia Zyma. “We look forward to building our relationships with the ClearChoice utility and energy select employee groups and other partner companies, as we welcome the ClearChoice members and credit union employees to the UECU family.”
The two credit unions have a similar history; both were founded to serve utility and energy industry employees.
All ClearChoice employees will join the UECU staff, according to credit union officials.
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