Chambersburg credit union seeks growth in York County
Chambersburg-based 1st Ed Credit Union is planning to expand its customer base to include students, employees and their immediate families in the York County school districts, according to the state banking department.
The Franklin Count credit union filed an application in October with the Department of Banking and Securities, the state’s banking regulator, for permission to seek customers in York County school districts, according to information provided by department spokesperson Edward Novak III.
The credit union is seeking to amend its articles of incorporation to allow the new population into its field of membership. The credit union’s request appeared as a notice in the Pennsylvania Bulletin on Nov. 17. Novak was unable to comment on the status of the application.
If approved, the credit union’s targeted population would not automatically join the credit union but would be newly eligible for membership. Eligible family members would include spouses and children, parents and siblings, grandparents and grandchildren, stepparents, stepchildren and step-siblings, and adoptive relationships, as well as aunts, uncles, cousins and all household members.
Lori Lentz, business development manager for 1st Ed Credit Union, declined to comment on the application.
1st Ed Credit Union currently serves school employees and their families in Adams, Cumberland, Franklin and Fulton counties. It also serves employees of more than a dozen companies around Central Pennsylvania, according to its website.
It was founded by Roger G. Mowry, D. Frank Stewart, Ralph I. Schockey and Jerry Allen in 1938 as the Franklin County Teachers Credit Union. In 2010, the credit union changed its name to 1st Ed Credit Union. It has about 6,700 members and assets of $116.9 million, according to the National Credit Union Administration, which regulates the industry.