JSTC Employees Federal Credit Union and USSCO Johnstown Federal Credit Union, both based in Johnstown, Pa., have announced their plans to merge, with JTSC joining USSCO.
Upon completion, the combined credit union will have assets of more than $126 million, member deposits of $112 million, loans of $66 million and a total net worth expected to exceed $13 million.
Todd Cover, the current CEO of USSCO, will remain in his position, while current JTSC employees will be absorbed into the merged institution.
"It's a great opportunity for two strong community financial institutions to come together," Cover said in a statement. "We're delighted to welcome JSTC to the USSCO family. It's a very good fit for us. The merger gives us stable growth, long-term financial security and the strength to continue to compete successfully in the market."
Renee Worrell, the current CEO of JSTC, stated this will be a “very good merger” for both credit unions.
“Together we are stronger and better able to grow with combined memberships and assets to offer enhanced services and products to our membership,” she added.
Cover told Credit Union Journal that Worrell will initially serve as co-CEO of the combined credit union and then retire at the end of 2018.
Subject to customary regulatory approvals and membership votes, USSCO expects the merger to be completed by mid-2018.
JSTC posted a net loss of about $82,000 in 2016, after recording a net loss of about $7,000 in the prior year.
USSCO posted net income of about $202,000 last year, after recording net income of about $147,000 in 2015.