UPPER DARBY, Penn.–A half-dozen more credit union mergers have been proposed, with nearly all involving smaller CUs and several citing a lack of succession planning as one big problem, according to forms filed with NCUA.
In Upper Darby, Penn., the $15.1-million Delco Postal Credit Union which has approximately 1,312 members, is seeking to merge into the $41.4-million Forge FCU, which has approximately 3,300 members.
In its disclosure statement filed with NCUA, Delco Postal said, “the board of directors has concluded that the proposed merger is desirable and in the best interests of members because of the expanded products and services, the location with expanded membership hours and the dedication of the continuing credit union to serving a SEG-based membership.”
Delco Postal reported $148,339 in net income on its Sept. 30, 2021 call report, with net worth of 11.46%. Forge FCU reported net income of $909,464 and net worth of 21.15% on the same date.
Delco Postal said it does not plan to pay out any of its capital to its members, but two of its employees will receive merger-related compensation, including: MSR Thomas Miller, with a maximum severance of Continue Reading
In Upper Darby, Penn., the $15.1-million Delco Postal Credit Union which has approximately 1,312 members, is seeking to merge into the $41.4-million Forge FCU, which has approximately 3,300 members.
In its disclosure statement filed with NCUA, Delco Postal said, “the board of directors has concluded that the proposed merger is desirable and in the best interests of members because of the expanded products and services, the location with expanded membership hours and the dedication of the continuing credit union to serving a SEG-based membership.”
Delco Postal reported $148,339 in net income on its Sept. 30, 2021 call report, with net worth of 11.46%. Forge FCU reported net income of $909,464 and net worth of 21.15% on the same date.
Delco Postal said it does not plan to pay out any of its capital to its members, but two of its employees will receive merger-related compensation, including: MSR Thomas Miller, with a maximum severance of Continue Reading
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