#United States #Merger #Benchmark FCU #Franklin Mint FCU #West Chester, Chad's Ford

Benchmark Federal Credit Union and Franklin Mint Federal Credit Union to Merge

In an exciting development for credit union members in Pennsylvania, Benchmark Federal Credit Union (BFCU) and Franklin Mint Federal Credit Union (FMFCU) have announced a definitive merger agreement that will greatly enhance the services available to their combined memberships. This strategic partnership is poised to create a robust financial institution equipped to serve its members through a wider range of products, more branch locations, and an improved digital experience.

Enhancing Member Access and Service

The merger, which awaits regulatory approval and a vote from BFCU members, is intended to strengthen both organizations. Benchmark Federal Credit Union’s President & CEO, Daniel J. Machon, Jr., expressed that joining forces with FMFCU allows for an expanded offering of banking solutions while maintaining the high standards of personalized service that members have come to expect.

This collaboration promises BFCU members not only enhanced access to financial solutions but also a more extensive network of branches and ATMs, augmented digital tools, and educational resources tailored to financial literacy. Additionally, Machon pointed out that both credit unions share a solid commitment to their communities and members, making this merger a natural fit.

Financial Strength and Shared Values

Franklin Mint Federal Credit Union has a significant asset base of over $1.8 billion and boasts a long history of growth and dedication to community engagement. As part of this merger, FMFCU aims to build upon the legacy of cooperative values both credit unions uphold. President & CEO of FMFCU, Michael B. Magnavita, voiced optimism for welcoming Benchmark’s members into the FMFCU family, highlighting that this partnership reinforces both credit unions' dedication to fostering relationships and empowering their employees.

The cooperation will allow FMFCU to reach their long-term strategic goals whilst ensuring an ongoing commitment to the financial wellness of their collective membership. The leadership transition will remain seamless, with BFCU members continuing to interact with familiar staff members throughout the branch network.

Future Implementation and Next Steps

The merger is expected to be finalized by early 2026, contingent on receiving the necessary approvals. As the integration process unfolds, both organizations will keep their members informed, providing updates and detailed information to ensure all stakeholders are adequately prepared for the upcoming changes.

About Benchmark Federal Credit Union: Founded in 1940, BFCU boasts a dedicated membership of over 9,000. The credit union is recognized for its focus on personalized member service and has made significant strides in the Chester County region, with more than $300 million in assets.

About Franklin Mint Federal Credit Union: Established in 1970, FMFCU has provided its 148,000 members with financial products and services for over five decades. As a leader among Pennsylvania credit unions, FMFCU prides itself on its community involvement and comprehensive offerings tailored to member needs.

With this merger, BFCU and FMFCU are not just combining assets but are creating a unified front committed to the financial success and growth of their members, ensuring that all clients receive the best possible service and solutions for their financial endeavors.