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McKeesport C.U. Seeks Merger With Larger Thrift
Parkview asks shareholders to OK deal with Moon Twp.-based Clearview
By Yousuf Lachhab Ibrahim
The Tube City Almanac
December 31, 2023
Posted in: McKeesport and Region News
Citing a lack of applicants for key jobs as well as new data-processing requirements, city-based Parkview Community Federal Credit Union is asking its members to vote to approve a merger with a larger Moon Twp.-based financial institution.
A meeting is planned for Parkview credit union members at 6 p.m. Thursday (Jan. 4) at the McKeesport Regional History & Heritage Center in Renziehausen Park.
Comments also may be filed online at the National Credit Union Administration website.
The merger would end Parkview’s 88-year existence and close one of the last McKeesport-based financial institutions. Another city-based credit union — McKeesport Bell — is also considering a merger with another thrift. Several smaller credit unions are chartered by area churches and McKeesport Area School District employees.
Parkview officials — including chief executive officer Gina Tatkus, board chair Robert Cartia, and board member Kathleen Brady — did not return repeated messages from Tube City Almanac seeking comment.
A credit union is a non-profit organization that is owned by its members and provides many of the same services as a bank. Parkview has offices in Renzie Park and North Huntingdon Twp.
The McKeesport and North Huntingdon offices are expected to stay open under Clearview management, although the merger documents note that the future of the two branches will depend on “evaluation with respect to member usage.”
In a letter sent to PCFCU members, Cartia says the merger has been OK’d by the NCUA and asks members to vote to approve the agreement.
In a booklet sent to members of PCFCU about the merger, the credit union says the merger is necessary “due to a forced core data processing conversion and lack of employees to manage the process.”
Tube City Community Media Inc., parent organization of Tube City Almanac, is a member of the credit union and received a copy of the materials.
The booklet says that PCFCU has had troubles replacing retiring and departing employees, which has made it difficult to keep up with the “current state of the industry.”
The booklet cites the total benefits of “increased locations, new products and services, and ongoing efficiencies.”
Parkview reported net assets of $59.4 million. Clearview reported assets of $1.88 billion.
Like Parkview, Clearview is a member-owned non-profit institution. The thrift has 20 offices, including one in East Liverpool, Ohio.
The Parkview credit union is a descendant of a credit union originally formed to serve employees of U.S. Steel National Works in McKeesport and was formerly known as National Westinghouse Federal Credit Union.
The Clearview credit union was founded in 1953 to serve employees of Allegheny Airlines. It later changed its name to U.S. Air Federal Credit Union and adopted its current name in 2004.
According to the merger documents, all employees of Parkview will retain their jobs, except for Tatkus. The merger documents state that Parkview employees will benefit from “greater career growth opportunities (and) training resources.”
The effective date of the merger would be July 1, upon which Parkview’s data will be converted to Clearview. PCFCU credit cards will not convert as they are issued by Elan Financial Services.
According to the NCUA, McKeesport Bell Federal Credit Union, located in Christy Park, has also proposed a merger with Allegent Community Federal Credit Union of Pittsburgh. Comments are being accepted on that merger through Feb. 8, when a meeting will be held at Tillie’s Restaurant to vote on the proposal.
Yousuf Lachhab Ibrahim is a freelance writer from Pittsburgh and a recent Penn State University graduate. He won a Golden Quill award for his work at the Penn State Greater Allegheny Gazette. Editor Jason Togyer contributed to this story.
Originally published December 31, 2023.
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