The Wawa Employees’ Credit Union (WECU) out of Media is planning to merge with the Franklin Mint Federal Credit Union, writes Jeff Blumenthal for Philadelphia Business Journal.

Board treasurer and credit union manager Sara Dougherty said in a letter to members that WECU’s board voted to seek regulatory approval in hopes of providing members with “greater convenience and enhanced products and services.”

“Small credit unions are facing unprecedented regulatory, cyber security, and economic pressures to remain viable and profitable,” Dougherty said. “This merger with FMFCU ensures strong, comprehensive credit union services continue for WECU member-owners now and in the future.”

The merger would likely occur in the second quarter of 2022.

The 45-year-old Wawa credit union has $24 million in assets, 3,763 members and one branch at Wawa’s corporate headquarters in Media.

Chadds Ford-based Franklin Mint, which opened in 1971, is the sixth largest credit union in the region.

 It has 16 branches, $1.55 billion in total assets, 120,364 members and 336 employees.

Wawa was not involved in the decision to merge.

The merger gives WECU members more branches, attractive deposit and loan rates, wealth management services and online/mobile banking.

Read more at Philadelphia Business Journal about the merger of Wawa’s Employee Credit Union with Franklin Mint.

So what exactly is a credit union? This short video will explain.