The members of Metro Wire Federal Credit Union, a $4.5 million institution based in Plains, Pa., have voted to merge the credit union with the $42 million CityMark Federal Credit Union of Wilkes Barre, Pa.
The combined credit union will serve about 2,500 members in northeastern Pennsylvania.
As a result of the merger, Kim Graham, the chairman of the board at Metro Wire, will join CityMark’s board as a director, while Metro Wire employee Margaret Totten will join CityMark’s supervisory committee. Metro Wire's CEO, Alan Kniffin, will "remain on during the transition, but then happily retire," the CUs said. CityMark FCU CEO Joseph Gimble will lead the combined organization.
MetroWire posted a net loss of about $14,000 in the first quarter of 2018, after recording net income of about $4,900 in 2017.
Meanwhile, CityMark posted net income of about $199,000 in the first quarter of 2018, after recording net income of about $713,000 in 2017.