AllCom, Worcester Postal Credit Union Merge
AllCom and Worcester Postal credit unions have merged, effective April 1, AllCom announced today.
According to a statement from AllCom, the “strengthens its position as a competitive financial institution in Central Massachusetts."
Deb Guiney, AllCom's CEO, said, "We look forward to offering (the new members) greater financial options, like checking, mortgages and electronic banking and continuing Worcester Postal's long-standing tradition of member service."
AllCom spokeswoman Janine Mudge said WPCU chose to partner with AllCom because they have similar core membership groups with similar needs. AllCom was founded in 1922 to serve employees of the telephone company and WPCU was founded in 1924 to serve employees of the postal service.
She went on to say that the partnership will result in greater economies of scale and value for members.
WPCU's manager and treasurer, Rick Johnson, said the merger was the result of a "rigorous and thoughtful six-month selection process. WPCU’s four employees will be retained by AllCom and join its 17-member staff.
According to the National Credit Union Association, membership at WPCU dropped 18 percent in the last decade, from 2,206 in the fourth quarter of 2002 to 1,813 in the same period of 2012. Over that time, total assets fell from $11.4 million to $9.8 million.
Meanwhile, membership at AllCom over the past 10 years was down about 10 percent, from 4,309 to 3,898. Total assets rose from $46.8 million in 2002 to $57.7 million in 2012.
Mudge said both credit union locations will remain open, however the former WPCU facility is within a post office and only postal service members have access to it. Members of both credit unions will be able to do transactions at AllCom’s 36 Park Ave. branch and the shared branching network it belongs to which has more than 6,000 locations nationwide.
AllCom said although the two entities legally became one on April 1, combining all accounts and converting computer systems should be complete by July.
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