Member-owned Spirit Financial Credit Union in Levittown could lose its local ownership status following a member vote on a potential merger with Credit Union 1, writes Joseph N. DiStefano for The Philadelphia Inquirer.
Spirit Financial was formed by U.S. Steel Fairless Works in 1954 and maintains its sole office on New Falls Road, which has been serving all Bucks County residents, workers, and worshipers since the steelworks closed in 2001.
The credit union’s 3,800 members will now vote on a possible merger with the Chicago-based $2 billion institution that is looking for a broader national presence.
Credit Union 1 has grown its multistate network through the acquisition of smaller credit unions and has prevailed in 12 of 13 merger elections since Todd Gunderson assumed the role of chief executive in 2020.
Regulatory reports show Spirit Financial outperforms its larger suitor by certain measures, including higher capital reserves relative to its loan portfolio.
Gunderson said Credit Union 1’s larger size allows it to commit more funds to lending and expansion, fueling faster growth.
The Levittown-based institution manages approximately $70 million in loans and assets and maintains about $60 million in deposits.
Read more about Spirit Financial Credit Union in Levittown and the potential merger with Credit Union 1 in The Philadelphia Inquirer.
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