Xceed Financial strengthens Pennsylvania presence as Postmark Credit Union members approve merger
EL SEGUNDO, CA (August 26, 2016) — The member-owners of Harrisburg, Pennsylvania’s POSTMARK Credit Union, which was originally founded in 1933 to support U.S. Postal Workers in the Harrisburg, Pennsylvania area, today voted overwhelmingly to approve a merger with Xceed Financial Credit Union. Supported by both credit unions’ Boards of Directors and management, and recently approved by the National Credit Union Administration (NCUA), the merger will take effect on September 1, 2016. Both credit unions are “workplace” credit unions, with membership open to employees of their Select Employer Group (SEG) partners nationwide. The continuing credit union, operating as Xceed Financial Credit Union, has nearly $1 billion in assets and 70,000 members nationwide.
“Xceed already has many members and key employer group partners, such as TE Connectivity and Tyco, in the Harrisburg area, so we’re excited about the opportunities this merger offers to deepen those relationships,” said Teresa Freeborn, Xceed Financial’s President and Chief Executive, noting that POSTMARK’s Harrisburg location will remain open and become an Xceed Financial Center. “We also see tremendous opportunities for growth in Central Pennsylvania, as we share our very competitive product line with our new POSTMARK members and partner with our new POSTMARK employer groups to bring personalized financial wellness resources to their workplaces.”
While POSTMARK Credit Union is financially sound, greatly-expanded regulatory requirements and technological changes have been particularly challenging for smaller credit unions like POSTMARK. Thus, its Board of Directors and management had been searching for a strong and compatible strategic partner capable of meeting the financial needs of members.
“Xceed Financial is a full-service, nationwide financial institution, but member service is still their top priority, and that was one of the key reasons our Board and members chose to merge with Xceed,” said POSTMARK Credit Union’s current President and Chief Executive Officer Dave Frey, who will join Xceed Financial’s management team following the merger. “This merger adds incredible value for our 2,255 members and 23 employer partners, who will now have access to comprehensive financial products and services, a nationwide network of 80,000 surcharge-free ATMs, and industry-leading online, mobile and video banking platforms.”
About Xceed Financial Credit Union
Headquartered in El Segundo, Calif., Xceed Financial is a full-service, federally chartered workplace credit union that focuses on meeting the needs of businesses and their employees throughout the United States. With roots going back 85 years, it now has nearly $1 billion in assets, 70,000 members, and operates Financial Centers and sales offices in eight states. Xceed Financial partners with more than 300 employers to deliver personal banking, wealth management services, and financial education to working adults and their families. The Credit Union has a five-star, superior rating from BauerFinancial, and was named one of CU Journal’s “Best Credit Unions to Work For” in 2014, 2015 and 2016. Learn more at www.xfcu.org.
