Members of Dauphin County-based Postmark Credit Union have approved the institution’s merger with Xceed Financial Credit Union, allowing the deal to move ahead.
The Pennsylvania Department of Banking and Securities and the National Credit Union Administration also approved the merger this month.
The Postmark name will disappear and the continuing operation will fall under the Xceed name. California-based Xceed has about 70,000 members and about $1 billion in assets.
The Susquehanna Township credit union was founded in 1933 and offered membership to employees and retiree from the U.S. Postal Service’s Central Pennsylvania operations, a region that covered the midstate as well as northeast and northern Pennsylvania. At the end of 2015, Postmark had about $28.7 million in assets and about 2,300 members.
Xceed President Teresa Freeborn said the former Postmark location at 2630 Linglestown Road will remain open and become an Xceed branch. She said coming to the Harrisburg area was a way to “deepen” relationships with current employer partners like TE Connectivity, which has hundreds of employees in the region.
Former Postmark CEO Dave Freywill remain on at Xceed, according to a news release.
California-based Xceed has more than 300 employer partners whose employees and families can belong to the credit union. It has branches in seven states across the country. The Postmark deal is its first move into Pennsylvania.