First Capital FCU scoops up fellow Pa. credit union
Members of West York Area School District Employees Federal Credit Union have voted to merge into First Capital Federal Credit Union.
The merger is expected to be completed on July 1, according to a press release on Thursday. Both institutions are based in York, Pa. Two other credit unions in York, Local 229 IBEW Federal Credit Union and White Rose CU, also merged recently.
“First Capital is honored to welcome West York Area School District Employees Federal Credit Union members,” Susan DeStephano, president and CEO of the $224 million-asset First Capital, said in the press release. “We have had such a great relationship with West York Area School District over the years, we are thrilled about this merger.”
All three employees of West York Area School District Employees FCU are retiring, including CEO William Shank.
The member vote was conducted on Wednesday, and both CEOs, the merger project lead and a board member practiced social distancing by donning masks and sitting in different corners of the room. Most members of West York voted by mail-in ballots.
West York Area School District Employees serves 937 members and holds $5 million in assets, according to data from the National Credit Union Administration. The credit union lost $20,307 in the first quarter after reporting a profit of $1,807 a year earlier, according to call report data.