Rite Aid Employees Credit Union Members
Vote to Merge with the Pennsylvania State Employees Credit Union
Harrisburg, PA - In a vote of 259 to 38, the members of the Rite Aid Employees Credit Union (RAECU) voted to merge with the state’s largest credit union, the Pennsylvania State Employees Credit Union (PSECU). The merger will be official for RAECU’s 1,100 members on March 1, 2008.
Roland C. Lawrence, RAECU Board President, said that the Board voted to merge and recommended the merger to its members. "Our credit union has taken great pride in the service that we have provided to our members over the past 25 years," Lawrence said. "However, the Board recognized that we were not able to offer many of the products and services our members wanted and deserved. We were not able to purchase the technology necessary to operate competitively in a progressive environment. PSECU already has the technology and is in a position to offer our members products and services that we could not offer."
Lawrence said the Board selected PSECU as a merger partner because "of their strong presence in the Harrisburg area as well as their ability to serve our membership nationwide. As a technology credit union, PSECU is able to offer our membership the ability to access their funds anytime, anywhere. Additionally, PSECU has a full range of products and services for our members to choose."
Gregory A. Smith, President of PSECU, noted, "We are pleased to welcome the members of RAECU and the employees of Rite Aid and SuperValu Foods into our credit union family. The RAECU Board of Directors looked to PSECU because of the many products and services we are able to offer, and the ability to serve their diverse membership base. The membership will be pleased with the options that are available for their use."
About PSECU...
PSECU is a not-for-profit financial institution that provides a full array of convenient, electronically delivered services at no or low cost. Chartered in 1933, PSECU is one of the nation’s largest credit unions. It serves more than 335,000 members and has over $2.9 billion in assets. All members of the following groups are eligible to join PSECU: state and local government employees; faculty, staff, students and alumni of the Universities within the State System of Higher Education and Harrisburg Area Community College; students, faculty and staff of Elizabethtown College; employees eligible for membership in the Public School Employees’ Retirement System (PSERS) or the State Employees’ Retirement System (SERS); school districts; and members of approved associations and employee/occupational groups. Immediate family of PSECU members may also apply for membership.