Page 40 - BusinessWest December 22, 2021

‘A True Win-Win’
Polish National Credit Union, Premier Source Credit Union to Merge
By Mark Morris
Polish National Credit Union started in 1921 with an investment of $325 and has grown to more than $700 million
in assets today. But there are always ways
to improve and expand its services, said President and CEO Jim Kelly, who describes PNCU’s recently announced merger agree- ment with Premier Source Credit Union as a joining of two forces.
“This was another win-
win because our staff will stay employed while Polish National will be able to bring on experienced help to fill any openings they might have.”
“No one at Premier Source will be losing their job,” he said. “In fact we are counting on their expertise on offering credits cards to members which is a business we’re not in right now.”
Meanwhile, confronted with rising costs to
keep up with technology, compliance, and tal- ent retention, Premier Source had begun look- ing into a merger as its best way forward. CEO Bonnie Raymond said that, after considering a number of factors, Polish National emerged as the best fit.
“As a larger organization, Polish National offers in-house mortgages and commercial lend- ing, while we bring our credit-card portfolio to expand to their membership,” Raymond said. “Along with the credit-card business, they will benefit from the expertise of our staff, so it’s a true win-win.”
Kelly added that organic growth in Western Mass. is not easy. That’s why he called the merger with Premier Source a “once-in-a-lifetime oppor- tunity.” The current Premier Source headquarters on North Main Street in East Longmeadow will become the ninth branch for Polish National, which is headquartered in Chicopee. That loca- tion also addresses one of Kelly’s strategic goals in finding additional space.
“We’re a growing credit union, and there’s not much room left at our headquarters in Chicopee or at our operations center in Wilbraham,” he said. “The Premier Source building is large and beautiful, so it helps us in a huge way.”
What has become known across the U.S. as the Great Resignation has also affected the two
Jim Kelly says PNCU and Premier Source offer services and expertise that benefit each other.
credit unions. Between retirements and just leaving the job due to COVID-19 concerns, both organizations felt the impact of people leaving. Raymond noted
that the merger will
help address staff-
Merger
Continued on page 43
40 DECEMBER 22, 2021
BANKING & FINANCE
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