Exciting News to Share – Strengthening the Credit Union Presence in Monroe and Pike Counties

This exciting announcement means that NE PA Community and UECU intend to merge, pending regulatory and membership approvals. This merger represents a strategic partnership between two forward-thinking, healthy Pennsylvania credit unions, for the benefit of members, employees, and the communities we serve.

The board of directors who represent the members are confident that merging with UECU and combining our two credit unions, provides the opportunity to achieve greater positive member, employee, and community impact and offers additional benefits to our members.

In this case, we are merging two healthy credit unions that value their employees, care about their members’ well-being, and are committed to the communities they serve. The goal of both organizations is to build a combined entity that is stronger and more resilient so that we can maximize value for our members, employees, and the communities we serve. Through this merger, members will gain an expanded suite of products and services, a robust rewards program, and additional card benefits.

In a rapidly evolving financial services industry, this merger would allow us to remain competitive and be more responsive to members' financial needs now and into the future.

Absolutely. The boards and executive management teams of both credit unions are in favor of the proposed merger and are very excited about this merger with the growth and benefits it brings to our members, employees, and communities

Overall, our combined assets would be approximately $1.45 billion, serving more than 62,000 members with 4 locations in Pennsylvania. With our combined strengths in products, services, personnel, and technology, we could better serve our members and our communities. It’s important to add that while our new asset size is larger, our joint commitment and focus remain to provide the best value to our members, employees, and the communities we serve.

Becoming a larger credit union would provide opportunities to leverage resources, position us for continued growth, and increase efficiencies. This would also allow us to provide even more value to members through greater access to expanded products and services along with robust evolving technologies, all while continuing our current impactful community presence in Monroe and Pike Counties.

We wanted to find a partner that matches our passion, aligns closely with our mission, shares a dedication and loyalty to its membership and the communities it serves, and is similar in employee commitment. Both credit unions share a deep dedication to team members, members, and community, and share a common vision for the future of the combined credit union.

UECU, a not-for-profit financial cooperative, has been helping members and their families reach their life-long financial goals for 90 years. Headquartered in Wyomissing, PA, the $1.3 billion Credit Union serves its 50,000 members nationwide with convenient online and mobile banking services. Members save with low fees, cashback rewards, savings rates consistently higher than the national average, and affordable rates on loans, credit cards, and mortgages. Additional membership benefits include financial education, access to financial and retirement planning services, insurance services, and more. Credit union membership is open to Utility and Energy employees and families nationwide, as well as Pennsylvania residents.

UECU is among the 4% of US credit unions to receive the Best of Bauer Status for having earned BauerFinancial’s 5-Star Rating for financial strength for over 30 years! UECU was also ranked as one of the 100 Best-performing credit unions in 2023 by S&P Global Market Intelligence. To learn more about UECU, visit www.uecu.org

The strategic merger between NE PA Community and UECU would provide the opportunity to achieve more positive member impact and value such as:

Expanded Products/Services:Through this partnership, members would have access to expanded products and services. A few examples of those are:

• Gaining access to UECU’s Member VantagePoints™ Reward Program, a robust rewards program that rewards points for activities. Members can save their points for something big or redeem them in smaller amounts along the way.
• Visa Credit Card benefits, such as Travel and Emergency Assistance Services, Extended Warranty Protection, Travel Accident Insurance, and Personal Identity Theft assistance, to name a few.
Visa Debit Card benefits, such as Nationwide ATM surcharge rebates, Porch Piracy Protection, and Personal Identity Theft assistance, to name a few.
• Expanded Loan Options, such as a Flex HELOC with Visa Card and rewards along with Home Equity Term Loans.
• Last year UECU paid out $20.3 million in dividends, issued $132,000 in ATM surcharge rebates, awarded $860,000 in VantagePoints™ rewards, and paid out $732,000 in loan payment protection claims, while also eliminating overdraft transfer fees and expanding member benefits.

Enhanced Member Experience:Through streamlined processes, expanded products and service offerings, and innovative digital solutions, we would enhance member satisfaction and loyalty. By leveraging the strengths of both credit unions and reducing our costs we would provide an unparalleled level of service and convenience and return more value in the form of products, services, and community involvement to existing and future members.

Community Impact: As community-based financial institutions, we are committed to making a positive impact on the communities we serve. Through combined resources and expanded outreach programs, we would strengthen our ability to support local initiatives, promote financial literacy, and foster economic growth throughout Monroe and Pike counties.

Stability and Security: Combining our organizations positions us with greater financial strength and stability. By joining forces with UECU, members can benefit from a stronger institution with increased capital reserves and robust risk management practices, providing greater peace of mind and security for their deposits.

More responsive to evolving financial needs: 
This partnership is a strategic decision aimed at ensuring the long-term sustainability and prosperity of both credit unions and would allow the credit union to better anticipate and meet the financial needs of members in a competitive financial services industry.

Enhanced digital banking products: 
This partnership would allow us to constantly assess and improve our technology solutions and make sure we’re providing “the best” digital banking solutions we can for members now and into the future.

Same knowledgeable, friendly employees:The same friendly staff at our branches would continue to be available to serve members

Both organizations believe by partnering we can better serve members, employees, and the community than we would as separate organizations. The goal of both organizations is to grow our membership, leverage best practices, and enhance our products and services, building a greater experience for employees and members.

Mergers are about expanding and organizing for efficiency. This means employees have greater opportunities for professional growth, designing process improvements, and benefiting from the organization’s growth in perks, incentives, and benefits, while ensuring they have more resources available to do their jobs.

There would be no effect on your accounts or account numbers at this time. Both credit unions are on the same operating system, making it a much easier conversion process. Eventually, we will combine our systems. As that time approaches, we will be sure to communicate important dates, changes, and next steps to ensure members can continue to conduct business with minimal disruption.

The rates on fixed-rate loans and certificates would remain the same until the end of their existing terms. Other products would adjust as normal due to market conditions.

Yes. Credit Union deposits would continue to be federally insured by the NCUA, meaning you have up to $250,000 in protection for an individual account. The NCUA provides separate insurance coverage for deposits held in different ownership categories such as individual accounts, joint tenancy accounts, Individual Retirement Accounts (IRAs), and trust accounts. Information regarding NCUA insurance, and a calculator to help determine your coverage is available at www.mycreditunion.gov/estimator.

There are no plans for any branch or location closures

Yes. Both credit unions are committed to providing high levels of service for members and this would continue to be a focus for the combined credit union.

You would continue to be a member of the combined credit union. Once a member, always a member.

No, the UECU Executive Management Team and staff are excited to welcome NE PA members to the UECU family and are committed to serving the NE PA community. UECU has offered 2 Board of Director seats to current NE PA board members, demonstrating UECU's dedication to maintaining strong ties with the NE PA community and ensuring its continued representation within the credit union's governance structure. In addition, Donald Carr, current NE PA Executive Vice President, has been offered a position on UECU’s Executive Management Team.

No. Both credit unions recognize employees are integral to our success and recognize the importance of retaining talented and dedicated employees. We know a successful merger depends on retaining talent and leadership and will support our employees through this process.

As an organization grows, so does its workforce. We believe our ability to invest in the success of our people would expand their opportunities for professional growth and increase personal development. The member-facing staff in the locations you visit would remain in those locations unless they decide to explore a new opportunity.

Immediately following a successful merger process (i.e., legal day 1), NE PA Community would be designated as “NE PA Community, a division of UECU” or a similar designation. As the combined credit union works to fully integrate systems, a thoughtful, independent, and expert analysis of the brand will be conducted to determine the name of the combined credit union.

Bret Krevolin President/CEO of UECU would be the President/CEO of the combined credit union. Mark Filbert, President/CEO of NE PA Community will serve as a Strategic Advisor to the CEO of the combined credit union.

Bret has been the President/CEO of UECU since January 2018. He joined the UECU team in 2014 as the Chief Financial Officer. Before joining UECU, Bret was the Executive Vice President/Chief Financial Officer of a $900 million community bank, where he worked for 25 years. He also spent two years with Coopers & Lybrand LLC as an Audit Supervisor with a client concentration in the banking industry. Bret also serves on the Board of the Delaware Valley Council for the Credit Union Executives Society® (CUES).

Bret is a Magna Cum Laude graduate of Syracuse University with a Bachelor of Science Degree in both Accounting and Law and Public Policy. He also has an MBA from Temple University with a Finance concentration. Bret is a Certified Public Accountant and is a member of the American Institute of Certified Public Accountants, the Pennsylvania Institute of Certified Public Accountants, and the Financial Managers Society.

Yes. The proposed merger requires the approval of a majority of the members of NE PA Community who vote on the proposal. You will receive formal notice of the ways you can vote and other important information regarding the proposed merger shortly after regulatory approval is received.

The board of directors of both credit unions recently and enthusiastically voted in favor of the merger. Upon receipt of regulatory approval, NE PA Community members will vote. The timeline for this is estimated to be this fall. Upon all approvals, it is anticipated the merger would be finalized in early 2025, with systems integration extending into 2025.

As the merger process continues, NE PA Community will keep members informed of progress, including sharing important notices, dates, and events. If you have questions that haven’t been addressed in the frequently asked questions, please email mergerinfo@nepafcu.org.