Belco Community Credit Union and Our Family Federal Credit Union of Lancaster County have agreed on a merger expected to happen in the first quarter of 2015.
Our Family and its approximately 1,700 members and $11.5 million in assets will come under the Belco name after the merger.
“We noticed we were starting to lose members, and we weren’t able to offer some of the newer things people were looking for, like mobile banking and remote deposits,” said Deborah Smith, Our Family office manager. “This is better for our members, it provides them with more services.”
Our Family has just one branch location, in Manheim Township. Opened in 1958, the credit union has been available only for employees and their families of Lancaster County businesses Alcoa, Amerimax, Bowser Construction, Fabral, Lebzelters Total Car Care, Lancaster Orthopedic Group and Puranik Family Dental.
After the merger with Swatara Township-based Belco, the four full-time Our Family employees will be retained, Smith said.
Smith said the branch will remain open now but said there will be a feasibility study to determine its long-term future. Belco currently has three locations in Lancaster County.
Belco applied for merger approval with the Pennsylvania Department of Banking and Securities on Aug. 5.
Belco officials could not be reached for comment Tuesday morning. The credit union has 11 branches, more than 50,000 members and about $401 million in assets.