Chadds Ford, PA – Franklin Mint Federal Credit Union (FMFCU) announced a merger with Wawa Employees’ Credit Union (WECU) following approval by the boards of directors, National Credit Union Association, Pennsylvania Department of Banking and Securities, and WECU member-owners.
“FMFCU is excited to expand our field of membership by merging with the employee credit union of a renowned, locally-headquartered company,” said President and CEO Michael B. Magnavita, CPA. “We look forward to building upon the outstanding level of service WECU provided member-owners for 45 years.”
FMFCU has $1.6 billion in assets, 125,000 members, and 15 branches. It ranks ninth in asset size in Pennsylvania among credit unions and is the largest financial institution headquartered in Delaware County, Pennsylvania.
Wawa Employees’ Credit Union is a non-profit cooperative financial institution that serves the employees of Wawa, Inc., a privately-held company with stores in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Florida, and Washington, D.C. WECU has $23 million in assets, 4,000 members, and one branch in Media, Pennsylvania.
“WECU looks forward to offering Wawa employees a larger branch network and enhanced products and services through our merger with FMFCU,” noted Sara Dougherty, board treasurer/credit union manager. “Both organizations anticipate an extremely smooth transition.”
FMFCU plans on retaining current WECU employees and keeping the current WECU branch open. The merger completion date is June 2, 2022.
Franklin Mint Federal Credit Union has provided financial products and services to its members in the greater Philadelphia region and beyond since 1970. FMFCU ranks ninth in asset size in Pennsylvania among credit unions and is the largest financial institution headquartered in Delaware County, Pennsylvania. FMFCU has 125,000 members, 2,500 partner organizations, and 15 branches.