Lehigh Valley, PA/Phillipsburg, NJ (December-14-2021) – Baker Federal Credit Union (Phillipsburg, NJ) has announced its intent to merge with First Commonwealth Federal Credit Union (Lehigh Valley, PA), 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.
“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. It became clear when I reached out to First Commonwealth, and through our due diligence process, that this merger was exactly what we were looking for and would indeed benefit everyone. We are thrilled to become part of the First Commonwealth family. By joining forces, we will be able to offer products, services, and conveniences that we could not offer on our own while continuing to serve the Phillipsburg and Warren County, NJ communities.” said Sue Rodriguez, President/CEO of Baker Federal Credit Union.
“We are honored and excited to welcome Baker members and employees to First Commonwealth through this merger. First Commonwealth and Baker share similar values and culture, making this a merger that truly benefits current and future members, employees and the communities we collectively serve. As we continue to focus on smart growth and doing more good for more people, our partnership with Baker demonstrates our commitment to helping other credit unions find optimal pathways to continue to serve their members’ current and future financial needs while advocating for the credit union movement and its mission of people helping people,” said Donna LoStocco, President/CEO at First Commonwealth Federal Credit Union.
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. For information on the First Commonwealth and Baker merger, please visit firstcomcu.org/baker.
ABOUT FIRST COMMONWEALTH FEDERAL CREDIT UNION
First Commonwealth Federal Credit Union (FCFCU) is a $1+B member-owned, not-for-profit financial services cooperative serving more than 70,000 members and 1,900 businesses in the Greater Lehigh Valley since 1959. A nationally recognized leader in consumer and business banking innovation and service, FCFCU is committed to ‘Banking for Better’ and investing heavily in the Lehigh Valley community. As the Forbes’ #1 Credit Union in PA in both 2020 and 2019, and winner of numerous community service awards, First Commonwealth FCU is the largest credit union in the Lehigh Valley. With a mission of “empowering the pursuit of financial happiness” and core values of “honesty, innovation, generosity, humility, excellence and respect” FCFCU is focused on bringing affordable, easy to use financial services to everyone in the Lehigh Valley community. With eleven financial centers, 24/7 account access, a best-in-class digital banking center and dedicated small business center, First Commonwealth FCU provides trusted financial services in the communities they serve. First Commonwealth FCU serves its membership through purpose-driven and mission-based values to help members empower their pursuit of financial happiness through all the stages of life.
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