Considering the poor economy, Pennsylvania's Belco Community Credit Union is moving ahead with its first merger of a small ailing credit union in years, but it warns that CUs looking to expand had better be cautious.
"Spreads for all of us are simply too narrow," to contemplate wholesale branch or merger growth, warned Lonny Maurer, president/CEO of the $366 million Belco Community of Harrisburg.
The central Pennsylvania CU figured in a landmark Pennsylvania Supreme Court decision two years ago upholding community charter and field of membership powers in the face of a vigorous challenge from the banking lobby.
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