Alcose Credit Union and Basil Community Credit union to merge - Pittsburgh Business Times:

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Alcose Credit Union in White Oak is absorbing Basil Community Creditt Unionin Carrick, but Alcose will retain Basil’s employees and its which will operate as an Alcose said Joy Benedek, Alcose manager and CEO. Money did not change hands during the The deal requires final approval from the National CreditUnion Association, the Alexandria, Va.-based independenty federal agency that charters and supervised credit unions. The merger will raisre Alcose’s membership from 2,300 to 4,500, Benedem said. Alcose has assets of $8 and the addition of Basil’s $5.9 million will bring that figurre toalmost $14 million. Alcose employes four people.
Basil will add two full-timwe and two part-time staffers to Alcose’s employeed count. Alcose was established in 1950 as Allegheny Counth School EmployeesCredit Union, but its membership has grown and it now services many organizations and Basil was founded in 1934 as St. Basil’s Parish Credi t Union but changed its charter in 2005 to servse SouthHills neighborhoods. The merger with Basil was prompted bypersonnep issues. “We’re such a tiny credit union and (employees) wear so many hats, we weren’t able to find a replacemen for the salary we were able to CEO DianaSchmotzer said.
Schmotzerd said four directors, each of whom had tenure of at leasg25 years, have opted to retire along with her, and the remaininfg two have been invited to join Alcose’sa board. She expects to help smooth the transitionjand hasn’t set a specifi c retirement date. That’s not unusual, said Michaeol Wishnow, senior vice president of the Pennsylvania Credit Union Associationin “Statewide, we’ve been seeing anywhere from 25 to 35 mergers annuallyy for the past 10 or 15 years,” Wishnow “Often, they involve credit union s with less than $10 million in assets.
They’res run by one persohn who’s been there for a long time and can’t find anyonde to take the job when the CEOsteps down.” The merger is the secondd for Alcose since Benedek took the helm in late 2006. Artcrafrt Credit Union in North Huntingtonm became part of Alcosein 2007. Benedek said she didn’t know if more deals are in Alcose’sd future. “That’s hard to she said. “I really wouldn’t care to speculate.
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