Health Care Family Credit Union
CHAMBERSBURG > Members of Healthcare Family Federal Credit Union approved the planned merger with Patriot Federal Credit Union.
At a special meeting this week, 93 percent of HFFCU members voted in favor of the merger, which is expected to take effect June 29. The transaction has already received regulatory approval.
With the completion of the merger, Patriot will have more than $480 million in assets and more than 51, 000 members.
In recommending the merger, the board of HFFCU paid particular attention to cultural 'fit' and the fact that the two credit unions have very similar values and ethics.
"We are very excited by the opportunities that this merger brings, " Laurie Bender, chairman of HFFCU, said in a statement. "We have very similar member service philosophies and both have a long history of service to our communities."
Healthcare Family Federal Credit Union was founded in January 1974 as the Washington County Hospital Employees Federal Credit Union and membership was limited to Washington County Hospital doctors, employees, retirees and their immediate family members.
In December 2002, the credit union's new name became Healthcare Family Federal Credit Union and was able to offer the many benefits of credit union membership to employees and retirees of Kaplan College as well as most health care employees who work in Washington County, Maryland at two branch locations in Hagerstown, Maryland.
"We look forward to bringing together these two community credit unions and building upon the outstanding service our members have come to expect. With our strong capital position, expanded branch network, comprehensive products and services, and a commitment to local decision-making, more people will enjoy the financial benefits of membership in our solid not-for-profit financial cooperative, " Peggy Bosma-LaMascus, President and CEO, Patriot Federal Credit Union, said in a statement.
Patriot Federal Credit Union was established in 1965, and has grown to become one of the largest credit unions in the country, ranking in the top 5 percent in assets nationwide.
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