Pennsylvania credit union finds merger partner after its sponsor is sold
Feb 7, 2022
1 Min Read
The sale of its sponsoring company led one Pennsylvania credit union to seek a merger. Wilmac Employees' Credit Union in York, Pennsylvania, will merge with Belco Community Credit Union in Harrisburg, Pennsylvania, the two credit unions said Monday. The merger comes as a result of the sale of Wilmac Corp. in late 2021. The $3.5 million-asset Wilmac Employees’ Credit Union approached Belco Community leadership about the possibility of a deal, according to the press release. Founded in 1976, Wilmac Employees’ Credit Union has offered loans and savings accounts to Wilmac Corp. employees since its inception. The credit union operates one branch and serves about 500 members. “Providing current Wilmac CU members with the ability to continue their credit union experience is something we look forward to,” Amey Sgrignoli, Belco's president and CEO, said in a press release. “Wilmac CU is a unique credit union, with members across our seven counties. We are confident we can provide them with an exceptional experience that will meet their current and future needs.”
The merger received initial approval in December from both boards and is expected to be finalized by April 30. “Wilmac CU is a unique credit union, with members across our seven counties. We are confident we can provide them with an exceptional experience that will meet their current and future needs," said Amey Sgrignoli, president and CEO of Belco Community Credit Union. Conte Photography
“We are looking forward to working through this process with Belco and are confident our members will be satisfied with the expanded services Belco can provide,” said Tom Shugars, chairman of Wilmac Employees’ Credit Union. Belco has 14 branches and $812 million of assets. It earned $8.5 million in 2021, an 81% increase from a year earlier, according to call report data from the National Credit Union Administration. Wilmac Employees’ Credit Union lost about $8,000 in 2021, after earning roughly $17,000 a year earlier, according to call report data.