NU Community Credit Union, an $18 million-asset institution based in Milton, Pa., is set to merge into Danville, Pa.-based Service 1st Federal Credit Union.
Service 1st serves about 29,000 members with more than $350 million in assets.
NU Community’s membership approved the merger, which has also been given the OK by the Pennsylvania Department of Banking and Securities. The merger will take effect June 1, though full account conversion is not expected to take place until Aug. 2. Employees of NU Community will join Service 1st and the credit union’s branch in Milton will convert to a Service 1st location on Aug. 2.
As a result of the merger, NU Community members are expected to receive an expanded menu of products and services, including home equity loans, lines of credit, mortgages and more.
“We are excited and confident this merger will offer you and your family a lifetime of financial tools to help you achieve your goals,” credit union representatives said in a notice to members on NU Community’s website.
The merger follows a string of tough years for the small credit union, which has lost money annually since at least 2015, shedding more than $200,000 last year and more than $158,000 during Q1 2018, according to NCUA call report data. Still, those figures are an improvement over 2016, when the credit union lost more than $405,000. Its most recent call report shows just 1,007 loans on the books totaling about $8.6 million, concentrated primarily in credit cards, personal loans, used cars and mortgages.
Service 1st, meanwhile, made just over $3.1 million last year and earned nearly $1.2 million during the first quarter of 2018.