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First Commonwealth Federal Credit Union acquires New Jersey credit union

Cris Collingwood//April 1, 2022

First Commonwealth Federal Credit Union acquires New Jersey credit union

Cris Collingwood//April 1, 2022

Lehigh Valley-based First Commonwealth Federal Credit Union has acquired Baker Federal Credit Union, Phillipsburg, New Jersey.   

First Commonwealth Federal Credit Union. PHOTO/FILE –

Baker FCU will now be known as “Baker Federal Credit Union, a division of First Commonwealth Federal Credit Union” until August 1, when it will fully transition to First Commonwealth Credit Union, the company said.  

First Commonwealth has assumed the assets, share deposits and liabilities of Baker FCU, and has absorbed all the select employee groups previously served by Baker.  

 The merger will net First Commonwealth combined assets of more than $1 billion, serving a field of membership consisting of more than 74,000+ members and 1,800+ employer partners, the credit union said. 

This merger provides First Commonwealth’s first New Jersey financial center, and its 12th retail location, with the conversion of the Phillipsburg Financial Center later this year.  

Donna LoStocco, president & CEO of First Commonwealth FCU, will lead the merged organizations. LoStocco has led First Commonwealth for the last six years, striving to bring financial services and financial education to all individuals, families and businesses within the communities served by First Commonwealth, the credit union said. 

 Under her leadership, First Commonwealth recently surpassed $1 billion in assets, has continued to grow its products, services, digital capabilities, community impact and physical footprint, according to a company statement. 

 Additionally, First Commonwealth was a founding partner in the Bank On Allentown Coalition – one of four coalitions in Pennsylvania and one of 85 across the country – which works to ensure that everyone has access to safe-and affordable bank and credit union accounts.  

 “We are honored and excited to welcome Baker members and employees to our First Commonwealth family, and for the opportunity to serve consumers and businesses within Warren County,” LoStocco said. 

 “Through this partnership, we will offer consumer and business members in New Jersey an enhanced and personalized banking experience by bringing together best practices of both credit unions, including optimizing, and expanding member convenience through the latest in digital banking, contact center, financial center, and ITM technology, as well as diversification of consumer and business product and service offerings” she said.  

Baker FCU and First Commonwealth FCU announced their intent to merge at the end of 2021, which was approved by the National Credit Union Association NCUA in November and ratified by member vote at a special meeting held on Feb. 7.  

 

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