Daily Local News (West Chester, PA)
MEMBERS 1ST SPIN-OFF BRANCH RECEIVES MEMBER APPROVAL
Williamsport First Harvest CU branch will soon become part of Members 1st
Members 1st Federal Credit Union has received the final approval needed to spin-off First Harvest Credit Union’s Williamsport branch into a Member’s 1st branch. First Harvest’s Williamsport-based members approved the action in a vote on Monday.
That vote clears the way for members of the Williamsport branch to become members and associates of Members 1st later this year, the credit union said in a press release.
“We are thrilled with the overwhelming support that has allowed us to take this important step forward. The approval of the spin-off reinforces our promise to deliver support, resources and unparalleled service to the Williamsport community,” Mike Wilson, president & CEO of Members 1st, said in a statement. “We look forward to welcoming our new members, associates and local businesses into the Members 1st family, where they will benefit from our comprehensive range of products, innovative technologies and a firm commitment to their financial well-being.”
The proposed spin-off transaction has been in the works since October, when the boards of both credit unions resolved to submit the spin-off transaction, after the benefits to membership and employees at the Williamsport location were reviewed.
In November, the organizations submitted the application to the National Credit Union Administration (NCUA), which is responsible for regulating federal credit unions insuring deposits and protecting credit union members. Approval by the NCUA was received on Feb. 12. The First Harvest member vote was the final piece needed.
“Our Williamsport-based membership and staff will flourish in their new partnership with Members 1st,” Mike Dinneen, First Harvest president and CEO, said in a statement. “As a Southern New Jersey-based credit union, we believe in local engagement, decision-making and member support. By partnering with Members 1st, our Williamsport colleagues and membership will now enjoy the level of local engagement and leadership that they deserve.”
One of the benefits of the spinoff for First Harvest members is convenience, the companies had previously said. The Williamsport branch is the only Pennsylvania branch for the New Jersey-based First Harvest. Once the spin-off is completed, members of the branch will have access to Members 1st’s nearly 60 Pennsylvania branches.
Another benefit, according to Members 1st, is the credit union’s financial strength and management experience needed to successfully integrate the Williamsport location.
Members 1st had previously committed to retaining the First Harvest Williamsport staff, and will also continue to operate the branch at the same location.
“Members 1st will be an outstanding steward of our Williamsport family, and we will work diligently to ensure a seamless transition,” Dinneen added.
Members 1st operates nearly 60 branch locations across 10 Pennsylvania counties, including three locations in Berks County — in Exeter, Cumru and South Heidelberg townships.