CHICOPEE — The Polish National Credit Union (PNCU) headquartered in Chicopee, and Premier Source Federal Credit Union (PSFCU), headquartered in East Longmeadow, have signed a definitive merger agreement. PNCU will be the continuing credit union and acquire PSFCU’s 4,526 members and nearly $70 million in assets.
Under the terms of agreement, PSFCU will merge “with and into” PNCU, under the charter, bylaws, and name of The Polish National Credit Union. The PSFCU headquarters will become the East Longmeadow branch of PNCU.
“This is a win-win situation for both PNCU and PSFCU,” said Jim Kelly, CEO of PNCU. “The joining of these two organizations makes sense for several reasons. First, we are able to grow our geographic presence and access for both members. Second, we are able to preserve the credit union culture by combining with a congenial partner, like PSFCU. And third, we are able to take advantage of the enhanced scale to focus on selecting the best systems and processes to benefit the credit union and our members going forward.
“When choosing a merger partner, PSFCU turned to PNCU due to its strong financials, expanded line of products, digital and technological advancements, but most importantly, its commitment to members,” Kelly went on.
This year, PNCU celebrates 100 years of service and has approximately $700 million in assets. Upon completion of the merger, PSFCU members will enjoy full use of PNCU’s seven full-service branches and access to business banking services, investment services, and insurance products.
“Since 1941, Premier Source Federal Credit Union has taken great pride in serving our community and our membership,” said PSFCU CEO Bonnie Raymond. “It is not often you find organizations that support a member-first philosophy and for that reason, it was in PSFCU’s best interest to merge with PNCU. We are confident this will be a seamless transition and look forward to the many opportunities this merger will provide to our community and our members,”
Having negotiated a definitive merger agreement, both credit unions will now seek regulatory approval from the Mass. Division of Banks, National Credit Union Administration, the Mass. Credit Union Share Insurance Corp., and approval from their memberships. The merger is expected to be completed in the spring of 2022. For further developments, visit www.pncu.com.