CHICOPEE, Mass. (WWLP) - Polish National Credit Union and Valley Stone Credit Union announced Friday that they intend to merge.
According to a joint statement was released to 22News, if the merger is approved, the new organization will operate under the Polish National Credit Union's name.
The boards of directors of both credit unions approved the merger earlier in the month. It still must be approved by regulators like the National Credit Union Administration, as well as the members of both credit unions.
The Chicopee-based Polish National Credit Union (PNCU) was founded in 1921. They have 18,000 members, served by branches in Chicopee, Hampden, Granby, Southampton, and Westfield.
Valley Stone Credit Union (VSCU) was established as the Monsanto Credit Union in 1937. It has branches in Wilbraham and in Indian Orchard at the Solutia plant.
PNCU President and C.E.O. James Kelly told 22News that they plan to keep all PNCU and VSCU branches open following the merger. He added that they are planning to expand their Granby branch and open a branch at Chicopee Comprehensive High School to serve students and teachers there.
Valley Stone President James Nagy said that he thinks this is a good move for everyone. "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 our members," Nagy said.
Kelly says that this is the best move for everyone involved.
"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.
PNCU members will have a chance to vote on the merger at their 46 Main Street headquarters at 7:00 P.M. on Wednesday, May 2.
VSCU members will be able to vote at their headquarters on Boston Road in Wilbraham at 7:00 P.M. on Tuesday, May 1.