New Jersey credit union to spin off Pa. branch to Members 1st

New Jersey-based First Harvest Credit Union plans to spin off  its Williamsport branch to Members 1st Federal Credit Union. 

The proposed spinoff, which received approval from the National Credit Union Administration Feb. 12, would provide more convenience for members who use the branch, as Members 1st has nearly 60 branches in Central Pennsylvania, the two credit unions said in a joint statement.  

The branch is the only First Harvest branch in Pennsylvania, several hours away from the company’s Southern New Jersey headquarters, they said. 

The spin-off’s completion is subject to a vote from the members of First Harvest’s Williamsport branch at a special meeting scheduled for April 8. Meeting notice information and membership ballots are being distributed this week. 

Members 1st has more than $7 billion in assets and has the financial strength and management experience to successfully integrate the Williamsport location, the credit unions said.  

 “Our objective is to provide convenient and local banking services to our members at each First Harvest location,” said First Harvest President and CEO Mike Dinneen. “As we evaluated the best ways to provide an outstanding member and employee experience to our team at Williamsport, it became evident that they would be better served by a strong, local credit union.” 

Dinneen said the company believes the Williamsport members and staff will be well-served as part of the Members 1st family because of its large Pennsylvania footprint. 

“We have gotten to know our peers at Members 1st well and greatly appreciate the care and commitment they have demonstrated to our staff at Williamsport as we have explored this transaction,” Dinneen said. “We encourage our Williamsport members to affirmatively support this spin-off transaction, and we will work diligently to ensure a smooth transition to the Members 1st family. This spin-off will allow First Harvest to better focus on investing in, and serving, our core legacy Southern New Jersey market.” 

Members 1st will retain the branch’s staff, and will provide training, benefits, and career development opportunities, the credit unions said. 

 “I am thrilled at the prospect of welcoming the Williamsport First Harvest employees and members into the Members 1st family. We are excited to serve these members with both consumer and commercial small business opportunities to help them along their financial journey,” said Members 1st President and CEO Mike Wilson.  

“Opportunities such as this are exactly what the credit union movement is about– people helping people,” Wilson said. “By collaborating with First Harvest on this transition, we will be able to deliver unparalleled experiences to their Williamsport-based members and employees and give them access to our nearly 60 branches, our expansive network of surcharge-free ATMs and our robust digital banking platform.”  

The transaction is expected to close in the 3rd quarter of 2024 if approved by the membership.  

“We are extremely grateful for our staff at the Williamsport branch and the outstanding service they provide to our membership,” Dinneen said. “Under Members 1st stewardship, we are confident that our Lycoming County membership will continue to be served by the same outstanding staff, at the same location, but with much greater branch convenience, deeper products and services, and more localized decision making, for many years to come.”