First Commonwealth Federal Credit Union acquires Baker Federal Credit Union, now serving consumers & businesses in Warren County, NJ
ALLENTOWN, PA (April 1, 2022) — First Commonwealth Federal Credit Union (Lehigh Valley, PA) has legally acquired Baker Federal Credit Union (Phillipsburg, NJ). Effective April 1, 2022.
Baker FCU will now be known as “Baker Federal Credit Union, a division of First Commonwealth Federal Credit Union” for an interim period. First Commonwealth has assumed the assets, share deposits and liabilities of Baker FCU, and has absorbed all the select employee groups previously served by Baker. As of August 1, 2022, all Baker FCU accounts and members will be fully transitioned to First Commonwealth systems and will continue doing business as First Commonwealth Federal Credit Union, with combined assets of more than $1 billion, serving a field of membership consisting of more than 74,000+ members and 1,800+ employer partners. This merger provides First Commonwealth’s first New Jersey financial center, and its 12th retail location, with the conversion of the Phillipsburg Financial Center later this year.
Members will continue to be served by the same great people, providing the exceptional service that both credit unions are known for. Donna LoStocco, President & CEO of First Commonwealth FCU, will lead the merged organizations. LoStocco has led First Commonwealth for the last 6 years, striving to bring accessible, affordable and inclusive financial services and financial education to all individuals, families and businesses within the communities served by First Commonwealth. Under her leadership, First Commonwealth recently surpassed $1 Billion in assets, has continued to grow, expand, and enhance its products, services, digital capabilities, community impact and physical footprint. Additionally, First Commonwealth was a founding partner in the Bank On Allentown Coalition – 1 of 4 coalitions in Pennsylvania and 1 of 85 across the country – which works to ensure that everyone has access to safe-and affordable bank and credit union accounts. LoStocco has been recognized as one of the Lehigh Valley’s 100 most influential and powerful people (by Lehigh Valley Business) for the last two years and was named to the Banking & Finance Power 30 list in 2021.
Further, some of the current Baker FCU board members will continue to serve in an advisory role for a period following the merger.
“We are honored and excited to welcome Baker members and employees to our First Commonwealth family, and for the opportunity to serve consumers and businesses within Warren County. Through this partnership, we will offer consumer and business members in New Jersey an enhanced and personalized banking experience by bringing together best practices of both credit unions, including optimizing and expanding member convenience through the latest in digital banking, contact center, financial center, and ITM technology, as well as diversification of consumer and business product and service offerings. As we join forces, we will be able to do more good, for more people,” said LoStocco President/CEO at First Commonwealth Federal Credit Union.
Baker FCU and First Commonwealth FCU announced their intent to merge at the end of 2021, which was approved by the National Credit Union Association NCUA in November and ratified by member vote at a special meeting held on February 7, 2022. For information on the First Commonwealth and Baker merger, please visit www.firstcomcu.org/baker.
About First Commonwealth Federal Credit Union
First Commonwealth, headquartered in Allentown, PA, is one of the most accomplished and preeminent credit unions serving Lehigh, Northampton, and Carbon Counties in PA, and Warren County, NJ. With 12 locations and a top-tier digital banking experience, it serves 81,000 members and 2,400 companies. Since 1959, First Commonwealth has prioritized growth, innovation, technology, and friendly service. First Commonwealth has 235+ employees and over $1.2 billion in assets, operating as a member-owned, not-for-profit financial cooperative embodying purpose-driven values.
