Tiny credit union for York, Pa., electrical workers merges
A small credit union for electrical workers in York, Pa., has merged into White Rose CU, also based in York.
Local 229 IBEW Federal Credit Union recently joined White Rose, according to an announcement Thursday from the CrossState Credit Union Association. Local 229, which prior to the merger had just $1.8 million in assets and about 500 members, now has access to a wider variety of services and additional branches. A document sent to members outlining the reason for the merger cites Local 229’s inability to offer “the many modern and convenient services that a larger credit union can.”
White Rose also plans to convert the smaller institution’s lone office — housed in the same building as the union itself — into a White Rose satellite branch, though that location will not open until coronavirus-prevention measures are scaled back. The addition of the satellite branch will bring White Rose’s branch network to five offices in the area.
White Rose Credit Union serves nearly 11,000 members with assets over $85 million, according to the National Credit Union Administration.
Local 229 IBEW FCU posted a net income of just over $3,000 for the first quarter, down from about $5,000 during the same period last year, according to call reports. The credit union finished 2019 with a net income of a little more than $20,000, according to call data.