Williamsport, Pa.-based credit unions to merge
The members of Financial 1st Federal Credit Union have “overwhelmingly approved” a merger into the $78 million-asset Horizon Federal Credit Union, according to an announcement on Financial First’s website.
Both institutions are based in Williamsport, Pa.
The Financial 1st member vote was held on Monday and the credit union said members’ accounts will transition to Horizon effective May 1. Those members will gain access to a wider branch network as a result of the merger along with increased products and services.
As reported, some credit unions have put merger votes on hold or had to rethink how that process might take place as a result of the coronavirus and social distancing practices. All Financial 1st members received mail-in ballots with the notification of the merger.
Financial 1st was chartered in early 1978 to serve employees of Stroehmann Brothers Bakeries. It rebranded as Financial 1st FCU in 2015 and serves bakeries across seven states in the mid-Atlantic region. The credit union serves 1,105 members and has just $3.7 million in assets. It posted a loss of more than $31,000 last year, 12% higher than losses recorded in 2018.
Horizon FCU posted a net income of just over $300,000 for 2019, similar to what it earned in 2018.