VSECU, PMH Credit Union plan to merge

first_imgThe Boards of Directors of PMH Credit Union in Bennington, and Vermont State Employees Credit Union, a statewide credit union for everyone who lives or works in Vermont based in Montpelier, have announced a plan to merge the institutions. According to the Vermont Department of Financial Regulation, VSECU is the second largest credit union in the state with over $600 million in assets and PMH is the 22nd largest and has about $4 million in assets (New England Federal Credit Union is the largest with about $1 billion in assets).In a joint statement released Wednesday afternoon, Janet Hollner, Chair, PMH Credit Union, and Kimberly B Cheney Chair, VSECU, said: “We believe the strategic decision to unite for the good of our members will provide mutual support for growth and an improved member experience for both memberships.”At PMH CU there is a desire to expand services and to increase access to modern and state of the art technology for our 1,300 members. At VSECU there is a need to personally serve our nearly 700 members that live in the Bennington area. Additional personal service, online banking, mobile deposit, convenient branch access, locally serviced mortgage loans and competitive rates on both loan and deposit services, is just a sampling of the benefits our combined 2,000 members and community will experience as a result of combining our resources.”This cooperative merger can only happen if our respective members vote in favor of it, tentatively scheduled to occur in June, pending regulatory approval from the Vermont Department of Financial Regulation. First there are milestones leading up to a membership vote, and we anticipate you will have questions along the way. You are invited to an open house reception exclusively for our members where both credit unions will be on hand to answer your questions. We hope you will be able to attend one of these meetings.”As we move forward with this plan we will keep you updated and answer questions as they arise. Be sure to visit our website at www.pmhcu.vsecu.com(link is external) periodically for updated information. We have also created a dedicated toll free number if you have questions: 1-800-371-5133.”The Directors of each credit union are excited about this endeavor and voted unanimously in favor of the merger. We hope, in the spirit of people helping people, we can depend on your support to move forward with this partnership. We look forward to being able to better serve you in the future and meeting your needs for years to come.” Open House Receptions Southwestern Vermont Medical Center (map(link is external)) Employee CafeteriaMonday, May 19 at NoonMonday, May 19 at 4:30pmTuesday, May 20 at 7:30amlast_img read more