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Doing Good, Together.

 

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Doing Good, Together.

First Commonwealth FCU + Baker FCU are joining forces to do more good for more people.

 

As of December 14th, Baker Federal Credit Union has announced its intent to merge with First Commonwealth Federal Credit Union, pending approval from Baker Federal Credit Union members in a special meeting on February 7, 2022.  

Members will continue to be served by the same great people, providing the exceptional service that both credit unions are known for. Both organizations are committed to providing an exceptional member experience while maintaining the safety and security of members’ assets and data. This merger joins two strong institutions partnering for the right reasons – to do more good for more people. 

First Commonwealth is the largest credit union in the Lehigh Valley and a leader in inclusive banking. The merged credit union will offer its combined 74,000+ members an enhanced 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. The credit unions will continue doing business as First Commonwealth Federal Credit Union, with combined total assets of more than $1 Billion.

This merger will bring First Commonwealth’s first New Jersey financial center, and its 12th retail location, with the opening of the Phillipsburg Financial Center in 2022. More information on the following to come:

  • Greater functionality, flexibility, and connectivity to online and mobile banking
  • Extended service hours for added convenience and a full-service Contact Center with direct access to live Member Experience Associates
  • Live chat interface for faster member service
  • Personalized banking services and contactless cards to better serve members unique needs
  • Access to FREE financial education resources, certified financial wellness counselors and debt resolutions services
  • Concierge and comprehensive business solutions with exclusive access to our Business First by First Commonwealth FCU program
  • Opportunity to become an Employer Partner with FREE enrollment in Work First by First Commonwealth FCU

 

As your trusted financial partner, we appreciated your loyalty and are excited to share more benefits as a member of First Commonwealth Federal Credit Union. If you have any questions, please contact us and we’ll be in touch.

 

Visit the Baker FCU Website

 


 

Merger FAQs

Q: Why are Baker Federal Credit Union and First Commonwealth Credit Union planning to merge?

This merger joins two strong institutions partnering for the right reasons – to do more good for more people. Both organizations are committed to providing an exceptional member experience while maintaining the safety and security of members’ assets and data.

 

Q: Is this a buy-out?

No. Unlike a traditional bank merger, this is not a buy-out or acquisition. This merger represents a true collaborative partnership between two financially strong credit unions committed to their employees, members and community.

  

Q: When will the merger be completed?

We anticipate the merger to be effective April 1, 2022 pending the member vote in February, and the merger integration to be complete in Fall 2022.

  

Q: How will the merger process unfold?

Baker members will receive a notice of a special meeting on December 14, 2021 with detailed information about the merger and a ballot for voting.  Baker members will vote online or by mail prior to February 7, 2022 at 6:00 PM, or in person at the special meeting on February 7, 2022.

Pending approval by the Baker FCU member vote, NCUA will formally approve the merger to be effective April 1, 2022. Additional information will be provided after the member vote regarding timeline for integration of accounts and rebranding.

  

Q: How will this merger benefit Baker FCU & First Commonwealth FCU members?

Your credit unions grow stronger together. First Commonwealth is the largest credit union in the Lehigh Valley and a leader in inclusive banking.

The merged credit union will offer its combined 74,000+ members an enhanced 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. The credit unions will continue doing business as First Commonwealth Federal Credit Union, with combined total assets of more than $1 Billion.

  

Q: Will I have to re-apply for membership?

No. Your membership will continue on with First Commonwealth FCU.  As a member you will be able to take advantage of the additional products and services that will be available as a result of the merger.

  

Q: What will happen to my favorite people at Baker FCU?

Rest assured that members will continue to be served by the same great people, providing the exceptional service that both credit unions are known for. The Baker Federal Credit Union Board of Directors was both passionate and insistent that a merger be good for all stakeholders - members, employees and the communities we serve. All  Baker FCU employees become First Commonwealth FCU employees April 1, 2021 and are able to take advantage of our robust compensation and employee benefits package. There will be no layoffs, and in fact, Baker FCU employees will have additional career opportunities that would not be available otherwise. 

 

Q: What will happen to the Phillipsburg office?

The Phillipsburg office of Baker will become First Commonwealth FCU’s Phillipsburg Financial Center in 2022. It will operate as Baker FCU until Baker member accounts are converted to First Commonwealth. 

  

Q: Will I have to change all my ACH/electronic payments to a new account number?

Your electronic payments will post as is for quite some time and we will send your payees notifications of your new routing and transit information and new account numbers on your behalf.  

 

Q: Will NCUA still insure my deposits, and at the same levels? 

Absolutely. The NCUA insures up to $250,000 per depositor, per institution, per ownership category. In fact, once Baker member accounts are converted to First Commonwealth there is an additional $250,000 of share insurance.

 

Q: What does this merger vote mean for my account? 

There are currently no changes to Baker member accounts. The first step in the merger process is for Baker members to vote. No changes will occur until after the merger is approved and Baker members are integrated into First Commonwealth’s systems. This page will be updated throughout the process with important and exciting information regarding Baker member accounts.

 

Q: Can I still use my Baker FCU checks after the merger?

No changes will occur until after the merger is approved and our systems become integrated with First Commonwealth Federal Credit Union’s. Baker members will continue to conduct business as usual until more information is provided regarding account integration. Until then, you can continue to use your Baker FCU checks, use online banking, mobile app and all other services as usual. Additional information, including a timeline for the integration, will be posted here following the merger vote.

 

Q: Can Baker members still use their debit/credit cards after the merger?

Baker members will continue to conduct business as usual until more information is provided regarding account integration. We are working to make the transition as seamless as possible with concierge services to help you with changes. Additional information, including a timeline for the integration, will be posted here following the merger vote.

Q: Does FCFCU offer integration with person-to-person payment apps such as Apple Pay® or Zelle®?

Yes, you can use your First Commonwealth card(s) and account(s) to pay for purchases through Apple Pay®, Samsung® Pay, Google Pay™, Visa® Checkout and we are working on an integration with Zelle®.  In addition, our digital banking offers the ability to pay other people, sending funds using your FCFCU debit card(s) to another individual without having to share account information.

Q: How will the merger be structured?

If approved, First Commonwealth FCU will assume the assets (Loans, investments, equipment, etc.), share deposits and liabilities of Baker FCU. The Baker FCU will be sunset after the merger integration and First Commonwealth’s charter will be amended to include all of select employee groups served by Baker FCU. All of Baker FCU’s staff will be retained, along with its office in Phillipsburg, NJ, which will be known as the First Commonwealth FCU Phillipsburg Financial Center.

 

I have more questions.

We are happy to answer any questions you may have. Please click here to submit your question.