Polish National, Valley Stone credit unions agree to merger
The Board of Directors of both credit unions approved the merger in early March. Each credit union's members will now have to vote on the merger at special meetings. VSCU members will vote on May 1 at 7 p.m., at the VSCU headquarters on Boston Road in Wilbraham. PNCU members will vote on May 2 at the main office at 46 Main St., Chicopee, at 7 p.m.
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.