Upon regulatory approval, expected in mid-summer, the combined organization will be operated as the PNCU, with PNCU head, James P. Kelly, serving as president and chief executive officer (CEO). VSCU president and CEO, James P. Nagy, will assume a senior management position.
Founded in 1937 as the Monsanto Credit Union, VSCU has 4,800 members and total assets of $64 million. VSCU operates a branch location at the Solutia plant in Springfield, which will remain open after the merger.
PNCU was founded in 1921, in Chicopee. It has 18,000 members and total assets of $415 million. PNCU operates branch locations in Chicopee Center, Granby, Westfield, Southampton and Hampden, and the PNCU Mortgage Center on Main Street in Chicopee.
"The key element for both credit unions was the shared philosophy of putting our members' needs first, in terms of low fees, competitive lending rates, and personal service. With a combined size of nearly 23,000 members and $470 million in total assets, all of our members are better served by greater economies of scale, greater financial security, and the convenience of additional locations," Kelly said.
Nagy described the diligence the VSCU Board applied to the merger decision. "We looked long and hard at all of our options, and determined that the Polish National Credit Union was a great fit for our members and employees, and provides a long-term future of financial stability for the members," he added.
Merger applications have been submitted to the Division of Banks, the National Credit Union Administration, and the Massachusetts Credit Union Share Insurance Corporation.
|5/20-8/30||Summer Internships at Playhouse on Park|
|7/1-7/31||Ballroom Dance Lessons|
|7/21 (5 days)||East Granby Congregational Church Vacation Bible School|
|7/21 (5 days)||St. Mark's Episcopal Church Vacation Bible School|
|7/23||At Home in the Woods Summer Camps|
|7/23||Ramp Up Your Health & Vitality!|
|7/24||At Home in the Woods Summer Camps|
|7/24||Summer Jazz Workshops @ CMSS: Adult Big Band & Youth Jazz Band|
|7/24||Autism Speaks Walk Kick-Off at Holyoke Children's Museum|
|7/24||Free Program for Veterans|
|7/24||Starting Your Business SCORE workshop|