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News Now

CU System
Three separate CU mergers completed
MADISON, Wis. (11/15/10)--Three pairs of credit unions have announced separate mergers in California, Pennsylvania and Illinois. Dixie Cup Employees FCU, which served employees of the Dixie Consumer Products plant in Forks Township, Pa., merged into First Commonwealth FCU, Bethlehem, Pa., as of Nov. 1. Dixie Cup members voted to approve the merger at a special meeting Oct. 13. Dixie Cup has assets of 1.2 million and First Commonwealth had assets of $484 million (Life is a Highway Nov. 10). Palo Alto (Calif.) Community FCU, a $12 million credit union with 1,500 members, has merged into San Mateo CU, a $592.8 million asset credit union with about 72,300 members. The state Department of Financial Institutions announced the merger on Nov. 5. Palo Alto had posted a net loss of $66,000 for the year ending Sept. 30, an improvement over its $322,000 loss a year earlier (San Jose Business Journal Nov. 11). lst Northwest FCU, Freeport, Ill., merged Nov. 1 into First Northern CU, a $288.2 million asset credit union based in Chicago. First Northern CU will have a grand opening Thursday at its new Freeport branch. It also has branches in Chicago, Evanston and Rockford (Rockford Register Star (Nov. 12).


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