Philadelphia's $1.4 billion TruMark Financial Credit Union saidTuesday it has agreed to take over the distressed $1.5 millionKenrick FCU in suburban Wynnewood.
|Vincent Market, chief financial officer of TruMark Financial,said the NCUA had contacted TruMark several months ago about amerger for Kenrick, which had suffered capital qualityproblems.
|“NCUA said Kenrick was looking for a partner and we agreed tohelp out,” said Market, whose 95,000-member, 14-branch credit uniontook over the NCUA-liquidated, $635,000 People for People Community Development CU in February in apurchase/assumption deal.
|Trevose-based TruMark Financial last June also merged the $17million BorinquenFCU after a conservatorship and cease and desist.
|“We do feel an obligation to help out when it appears membersmight lose credit union services or when a credit union mightclose,” Market said. He said there are no other current mergerprospects on the TruMark Financial list.
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